Celsius (CELH) 10-K 11 Mar 21 2020 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2020	Mar. 11, 2021	Jun. 30, 2020
Document And Entity Information
Entity Registrant Name	Celsius Holdings, Inc.
Entity Central Index Key	0001341766
Document Type	10-K
Document Period End Date	Dec. 31, 2020
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity File Number	001-34611
Entity Incorporation, State or Country Code	NV
Entity Reporting Status Current	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		72,585,354
Well Known Seasoned Issuer	No
Entity Voluntary Filers	Yes
EntityPublicFloat			$ 301,864,237
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Current assets:
Cash	$ 43,248,021	$ 23,090,682
Accounts receivable-net (note 2)	14,986,213	7,774,618
Note receivable-current (note 6)	1,885,887	1,181,116
Inventories-net (note 4)	18,403,622	15,292,349
Prepaid expenses and other current assets (note 5)	14,626,922	4,170,136
Total current assets	93,150,665	51,508,901
Notes Receivable (note 6)	9,429,437	10,630,040
Property and equipment-net (note 8)	579,377	132,889
Right of use assets-operating leases (note 7)	836,038	395,828
Right of use assets-financial leases (note 7)	162,119	413,638
Long term security deposits	122,733	104,134
Intangibles (note 9)	16,590,083	17,173,000
Goodwill (note 9)	10,419,321	10,023,806
Total Assets	131,289,773	90,382,236
Current liabilities:
Accounts payable and accrued expenses (note 11)	25,412,753	17,292,647
Lease liability obligation-operating leases (note 7)	321,283	294,916
Lease liability obligation-financial leases (note 7)	205,824	354,158
Bonds payable-net (note 14)		8,634,279
Other current liabilities (note 12)	425,232	107,399
Total current liabilities	26,365,092	26,683,399
Long-term liabilities:
Lease liability obligation-operating leases (note 7)	514,948	107,311
Lease liability obligation-financial leases (note 7)	82,290	132,537
Total Liabilities	26,962,330	26,923,247
Stockholders' Equity:
Common stock, $0.001 par value; 100,000,000 shares authorized, 72,262,829 and 68,941,311 shares issued and outstanding at December 31, 2020 and December 31, 2019, respectively (note 15)	72,263	68,942
Additional paid-in capital	159,884,154	127,552,998
Accumulated other comprehensive loss	(202,142)	(753,520)
Accumulated deficit	(55,426,832)	(63,409,431)
Total Stockholders' Equity	104,327,443	63,458,989
Total Liabilities and Stockholders' Equity	$ 131,289,773	$ 90,382,236

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.001	$ 0.001
Common stock, authorized	100,000,000	100,000,000
Common stock, issued	72,262,829	68,941,311
Common stock, outstanding	72,262,829	68,941,311

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Income Statement [Abstract]
Revenue		$ 130,725,777	$ 75,146,546
Cost of revenue		69,752,032	43,844,733
Gross profit		60,973,745	31,301,813
Selling and marketing expenses		34,875,339	21,129,722
General and administrative expenses		18,187,406	11,620,534
Total operating expense		53,062,745	32,750,256
Loss from operations		7,911,000	(1,448,443)
Other Income/(Expense):
Interest income on note receivable (note 6)		355,821	381,728
Interest on notes			(509,430)
Interest expense on bonds		(431,813)
Interest on other obligations		(16,004)	(57,579)
Amortization of discount on notes payable			(707,286)
Amortization of discount on bonds payable		(576,415)	(119,188)
Other miscellaneous expense		(49,100)	(29,579)
Gain on lease cancellations		152,112
Foreign exchange gain/(loss)		1,375,925
European deferred tax (note 16)		(81,500)
Gain on investment repayment-China Note Receivable (note 6)			12,461,037
Total Other Income/(Expense)		729,026	11,419,703
Net income before income taxes		8,640,026	9,971,260
Income tax expense (note 16)		(116,177)
Net income		8,523,849	9,971,260
Other comprehensive income/(loss):
Foreign currency translation gain/(losses)		551,378	(60,580)
Comprehensive Income		$ 9,075,227	$ 9,910,680
Income/(Loss) per share:
Basic		$ 0.12	$ 0.16
Diluted		$ 0.11	$ 0.16
Weighted average shares outstanding:
Basic		70,195,085	60,761,995
Diluted	[1]	74,443,601	64,183,399
[1]	Please refer to Earnings per Share section for further details.

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-In Capital [Member]	Accumulated Other-Comprehensive Income (Loss) [Member]	Accumulated Deficit [Member]	Total
Balances at Dec. 31, 2018		$ 57,003	$ 85,153,667	$ (26,997)	$ (73,380,691)	$ 11,802,982
Balances, shares at Dec. 31, 2018		57,002,508
Issuance of common stock from public offering		$ 7,986	26,947,451			26,955,437
Issuance of common stock from public offering, shares		7,986,110
Stock option expense			4,831,750			4,831,750
Issuance of common stock pursuant to exercise of stock options - Cashless		$ 511	(511)
Issuance of common stock pursuant to exercise of stock options - Cashless, shares		510,649
Issuance of common stock pursuant to exercise of stock options - Cash		$ 246	223,837			224,083
Issuance of common stock pursuant to exercise of stock options - Cash, shares		245,584
Beneficial Conversion Feature on Convertible Instruments			166,668			166,668
Foreign currency translation				(726,523)		(726,523)
Issuance of common stock on conversion of note payable		$ 3,196	10,230,136			10,233,332
Issuance of common stock on conversion of note payable, shares		3,196,460
Net income					9,971,260	9,971,260
Balances at Dec. 31, 2019		$ 68,942	127,552,998	(753,520)	(63,409,431)	63,458,989
Balances, shares at Dec. 31, 2019		68,941,311
Issuance of common stock from private placement		$ 1,438	21,890,878			21,892,316
Issuance of common stock from private placement, shares		1,437,909
Stock option expense			6,340,000			6,340,000
Issuance of common stock pursuant to exercise of stock options - Cashless		$ 567	(567)			0
Issuance of common stock pursuant to exercise of stock options - Cashless, shares		567,559
Issuance of common stock pursuant to exercise of stock options - Cash		$ 1,316	4,125,475			4,126,791
Issuance of common stock pursuant to exercise of stock options - Cash, shares		1,316,050
Cash paid for taxes on restricted stock awards			(115,430)		(541,250)	(656,680)
Short swing payment			90,800			90,800
Foreign currency translation				551,378		26,993
Net income					8,523,849	9,048,234
Balances at Dec. 31, 2020		$ 72,263	$ 159,884,154	$ (202,142)	$ (55,426,832)	$ 104,327,443
Balances, shares at Dec. 31, 2020		72,262,829

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Cash flows from operating activities:
Net income	$ 8,523,849	$ 9,971,260
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation	127,263	66,939
Amortization	1,611,566	826,474
Bad debt allowance	257,177	109,393
Inventory excess and obsolescence allowance	747,507	331,985
Stock-based compensation expense	6,340,000	4,831,750
Gain on China transaction	(322,936)	(12,461,037)
Gain on lease cancellations	(152,112)
Changes in operating assets and liabilities:
Accounts receivable-net	(7,468,772)	(1,432,980)
Inventory	(3,858,780)	(2,239,254)
Prepaid expenses and other current assets	(10,456,787)	(805,571)
Accounts payable and accrued expenses	8,120,106	2,624,892
Deposits/deferred revenue and other current liabilities	(96,281)	(895,806)
Change in Right to Use and Lease Obligation-net	150,547	105,943
Net cash provided by operating activities	3,395,084	1,033,988
Cash flows from investing activities:
Proceeds from note receivable	1,331,011
Purchase of property and equipment	(573,751)	(77,974)
Cash consideration for acquisition-net of cash from acquisition		(14,188,056)
Net cash provided/(used) in investing activities	757,260	(14,266,030)
Cash flows from financing activities:
Proceeds from notes payable-related-party, net		1,500,000
Payments on bonds payable	(9,601,531)
Principal payments on financial lease obligations	(280,208)	(26,486)
Proceeds from exercise of stock options	4,126,791	224,083
Cash paid on taxes on restricted stock awards	(656,680)
Net proceeds from collection of section 16b short swing profit	90,800
Net proceeds from sale of common stock	21,892,316	26,955,437
Net cash provided by financing activities	15,571,488	28,653,034
Effect on exchange rate changes on cash and cash equivalents	433,507	(73,491)
Net increase in cash and cash equivalents	20,157,339	15,347,501
Cash and cash equivalents at beginning of the year	23,090,682	7,743,181
Cash and cash equivalents at end of the year	43,248,021	23,090,682
Supplemental disclosures:
Cash paid during period for Interest	447,816	131,528
Non-cash investing and financing activities:
Debt conversion and related accrued expenses		10,233,332
European Acquisition Adjustment:
Goodwill	395,515
Other liabilities	$ (395,515)

ORGANIZATION AND DESCRIPTION OF

ORGANIZATION AND DESCRIPTION OF BUSINESS	12 Months Ended
	Dec. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
ORGANIZATION AND DESCRIPTION OF BUSINESS	1. ORGANIZATION AND DESCRIPTION OF BUSINESS Business Company Celsius Holdings On February 7, 2018, the Company established Celsius Asia Holdings Limited a Hong Kong corporation as a wholly-owned subsidiary of the Company. On February 7, 2018 Celsius China Holdings Limited a Hong Kong corporation became a wholly-owned subsidiary of Celsius Asia Holdings Limited and on May 9, 2018, Celsius Asia Holdings Limited established Celsius (Beijing) Beverage Limited, a China corporation as a wholly-owned subsidiary of Celsius Asia Holdings Limited. On October 25, 2019, the Company acquired 100% of Func Food Group, Oyj (“ Func Food The Company is engaged in the development, marketing, sale and distribution of “ functional

BASIS OF PRESENTATION AND SUMMA

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES The consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”). Consolidation Policy Significant Estimates Reclassification of Prior Year Presentation – Segment Reporting Concentrations of Risk The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2020, the Company had approximately $43 million in excess of the Federal Deposit Insurance Corporation limit. For the years ended December 31, 2020 and 2019, the Company had the following 10 percent or greater concentrations of revenue with its customers. Specifically, there is one customer that has accounted for approximately 15% and 12% of our revenue, for the years ended December 31, 2020 and 2019. The below table reflects this customer’s evolution as a percentage of our total revenue. 2020 2019 Amazon 15.1 % 12.0 % All other 84.9 % 88.0 % Total 100.0 % 100.0 % At December 31, 2020 and 2019, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers: 2020 2019 Amazon 11.4 % 19.2 % All other 88.6 % 80.8 % Total 100.0 % 100.0 % Cash Equivalents Accounts Receivable Inventories Property and Equipment Impairment of Long-Lived Assets Long-lived Asset Geographic Data The following table sets forth long-lived asset information which includes property plant and equipment and lease right of use assets and excludes goodwill and intangibles, where individual countries represent a material portion of the total: December 31, December 31, 2020 2019 United States $ 694,697 $ 127,302 Sweden 431,959 360,153 Finland 450,878 454,900 Long-lived assets related to foreign operations 882,837 815,053 Total long-lived assets $ 1,577,534 $ 942,355 Goodwill Intangible assets Revenue Recognition Customer Advances Advertising Costs Research and Development Foreign Currency Translation — Chinese-Yuan Norwegian-Krone Swedish-Krona Finland-Euro The Company’s results now include the operations of our European entities for the entire year ended December 31, 2020. During this period the currencies in these countries appreciated considerably when compared to the US Dollar giving way to significant currency gains which are reflected in our consolidated results. Fair Value of Financial Instruments Fair Value Measurements Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Other than these noted previously, the Company did not have any other assets or liabilities measured at fair value at December 31, 2020 and 2019. Income Taxes — Accounting for Uncertain Income Tax Positions. The Company has adopted ASC 740-10-25 Definition of Settlement, The Company’s tax returns for tax years in 2018 through 2020 remain subject to potential examination by the taxing authorities. Earnings per Share For the years 2020 2019 Net income available to common stockholders $ 8,523,849 $ 9,971,260 Adjustments for diluted earnings: Interest expense on convertible notes - 348,493 Amortization of discount on notes payable - 239,570 Diluted net income (loss) available to common stockholders $ 8,523,849 $ 10,559,323 Income (Loss) per share: Basic $ 0.12 $ 0.16 Diluted $ 0.11 $ 0.16 Weighted average shares outstanding: Basic 70,195,085 60,761,995 Diluted 74,443,601 64,183,399 Share-Based Payments Cost of Sales Operating Expenses Shipping and Handling Costs Recent Accounting Pronouncements The Company adopts all applicable, new accounting pronouncements as of the specified effective dates. In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. In November 2018, the FASB issued ASU 2018-19, which makes certain improvements to Topic 326. In April and May 2019, the FASB issued ASUs 2019-04 and 2019-05, respectively, which adds codification improvements and transition relief for Topic 326. In November 2019, the FASB issued ASU 2019-10, which delays the effective date of Topic 326 for Smaller Reporting Companies to interim and annual periods beginning after December 15, 2022, with early adoption permitted. In November 2019, the FASB issued ASU 2019-11, which makes improvements to certain areas of Topic 326. In February 2020, the FASB issued ASU 2020-02, which adds an SEC paragraph, pursuant to the issuance of SEC Staff Accounting Bulletin No. 119, to Topic 326. Topic 326 is effective for the Company for fiscal years and interim reporting periods within those years beginning after December 15, 2022. The Company is currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. Adoption of this ASU did not have a material effect on our consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on our consolidated financial statements. All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position with the exception of the updated previously disclosed above, there have been no new accounting pronouncements not yet effective that have significance to our consolidated financial statements. Liquidity . If our sales volumes do not meet our projections, expenses exceed our expectations, our plans change, we may be unable to generate enough cash flow from operations to cover our working capital requirements. In such case, we may be required to adjust our business plan, by reducing marketing, lower our working capital requirements and reduce other expenses or seek additional financing. Furthermore, our business and results of operations may be adversely affected by changes in the global macro-economic environment related to the pandemic and public health crises related to the COVID-19 outbreak. We are closely monitoring the COVID-19 pandemic and its potential impact to our business. While we do not expect that the COVID-19 pandemic will have a significant adverse effect on our business, financial condition, or operations at this time, we are unable to accurately predict the impact that COVID-19 will have due to the uncertainties which include the ultimate geographic spread of the virus, the intensity of the virus, the duration of the outbreak, and/or actions that may be taken by governmental agencies.

REVENUE

REVENUE	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
REVENUE	3. REVENUE The Company recognizes revenue when obligations under the terms of a contract with the customer are satisfied. Product sales occur once control is transferred upon delivery to the customer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring goods. The amount of consideration the Company receives and revenue the Company recognizes varies with changes in customer incentives the Company offers to its customers and their customers. Sales taxes and other similar taxes are excluded from revenue. Information about the Company’s net sales by reporting segment for the years ended December 31, 2020 and 2019 is as follows: For the years ended December 31, December 31, 2020 2019 North America $ 95,480,310 $ 59,659,320 Europe 33,727,441 14,455,634 Asia 1,092,703 840,648 Other 425,323 190,944 Net sales $ 130,725,777 $ 75,146,546 All of the Company’s North America revenue is derived from the United States, which is the Company’s country of domicile. Of the Company’s total foreign revenues of $35.2 million and $15.5 million for the years ended December 31, 2020 and 2019, respectively, the only individual country that represents a material portion of total consolidated revenue was Sweden, which had total revenues of approximately $23.1 million and $8.8 million for the years ended December 31, 2020 and 2019, respectively. Revenues are attributed to countries based on the location of the customer. License Agreement In January 2019, the Company entered into a license and repayment of investment agreement with Qifeng Food Technology (Beijing) Co., Ltd (“Qifeng”). Under the agreement, Qifeng was granted the exclusive license rights to manufacture, market and commercialize Celsius branded products in China. The term of the agreement is 50 years, with annual royalty fees due from Qifeng after the end of each calendar year. The royalty fees are based on a percentage of Qifeng’s sales of Celsius branded products; however, the fees are fixed for the first five years of the agreement, totaling approximately $6.9 million, and then are subject to annual guaranteed minimums over the remaining term of the agreement. Under the agreement, the Company grants Qifeng exclusive license rights and provides ongoing support in product development, brand promotion and technical expertise. The ongoing support is integral to the exclusive license rights and, as such, both of these represent a combined, single performance obligation. The transaction price consists of the guaranteed minimums and the variable royalty fees, all of which are allocated to the single performance obligation. The Company recognizes revenue from the agreement over time because the customer simultaneously receives and consumes the benefits from the services. The Company uses the passage of time to measure progress towards satisfying its performance obligation because its efforts in providing the exclusive license rights and ongoing support occur on a generally even basis throughout the year. Total revenue recognized under the agreement was approximately $770,000 for the year ended December 31, 2020, determined by the minimum royalties due as per the licensing agreement, and is reflected in the Company’s Asia reporting segment.

INVENTORIES

INVENTORIES	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
INVENTORIES	4. INVENTORIES Inventories consist of the following at: December 31, December 31, 2020 2019 Finished goods $ 15,334,386 $ 12,990,044 Raw Materials 4,682,291 3,167,853 Less: Inventory reserve (1,613,055 ) (865,548 ) Inventories $ 18,403,622 $ 15,292,349

PREPAID EXPENSES AND OTHER CURR

PREPAID EXPENSES AND OTHER CURRENT ASSETS	12 Months Ended
	Dec. 31, 2020
Prepaid Expense and Other Assets, Current [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	5. PREPAID EXPENSES AND OTHER CURRENT ASSETS Prepaid expenses and other current assets total $14,626,922 and $4,170,136, at December 31, 2020 and 2019, respectively, and consist mainly of prepaid advances to co-packers related to inventory production, advertising, prepaid insurance, prepaid slotting fees, value added tax payments and deposits on purchases. The increase of approximately $10,500,000 is mainly related to advances to co-packers pertaining to inventory production.

NOTE RECEIVABLE

NOTE RECEIVABLE	12 Months Ended
	Dec. 31, 2020
Note Receivable [Abstract]
NOTE RECEIVABLE	6. NOTE RECEIVABLE Note receivable consists of the following at: December 31, December 31, 2020 2019 Note Receivable-current $ 1,885,887 $ 1,181,116 Note Receivable-non-current 9,429,437 10,630,04 Total Note Receivable $ 11,315,324 $ 11,811,156 Effective January 1, 2019, we restructured our China distribution efforts by entering into two separate agreements as it relates to the commercialization of our Celsius products (i.e., license agreement) and a repayment of investment agreement with Qifeng. Under the license agreement, Qifeng was granted the exclusive license rights to manufacture, market and commercialize Celsius® brand products in China. Qifeng will pay a minimum royalty fee of $6.9 million for the five years of the term of the agreement, transitioning to a volume-based royalty fee, thereafter. Under a separate economic agreement, Qifeng Food will repay the marketing investments made by Celsius into the China market through 2018, over the same five-year period. The repayment, which was formalized via a Note Receivable from Qifeng, will need to be serviced even if the licensing agreement is cancelled or terminated. The initial outstanding principal under the Note was approximately $12.2 million which is denominated in Chinese Renminbi (CNY) and was recorded as Other Income on the Consolidated Statements of Operations for the year ended December 31, 2019. The amount recognized considered the net of the balances of the accounts receivable, accounts payable and accrued expenses, as well as the marketing investments that were performed in the China market. Scheduled principal payments plus accrued interest are due annually on March 31 of each year starting in 2020. The Note is recorded at amortized cost basis and accrues interest at a rate per annum equal to the weighted average of 5% of the outstanding principal up to $5 million and 2% of the outstanding principal above $5 million. On September 12, 2020, it was agreed to fix the interest rate at 3.21% which reflected the weighted average interest rate for the 5-year period of the Note. For the year ended December 31, 2020, interest income was approximately $356,000. The Company assesses the Note for impairment periodically by evaluating whether it is probable that the Company will be unable to collect all the contractual interest and principal payments as scheduled in the Note agreement, based on historical experience about Qifeng’s ability to pay, the current economic environment and other factors. If the Note is determined to be impaired, the impairment is measured based on the present value of the expected future cash flows under the Note, discounted at the Note’s effective interest rate. At December 31, 2020, the Note was not deemed to be impaired. The first installment of the note and interest of RMB 10,848,193 as well as royalties in the amount of RMB 2,404,900 were due on March 31, 2020. We were requested to provide a 3-month consideration to delay payment until June 30, 2020, due to the impact of the health crisis in China. As of June 30, 2020, we received payment of the RMB 10,848,193. An additional extension of 3-months was requested regarding the payment of the RMB 2,404,900 pertaining to the royalties. As of September 30, 2020, we received payment in full of the royalties that were due. Both the Note and related payments are subject to foreign currency fluctuations. In order to grant the aforementioned considerations, a guarantee was obtained for the full amount of the royalties that were payable as of September 30, 2020, as well as the amounts that become due on March 31, 2021 pertaining to the Note, related interest and royalties. As collateral, we have maintained a stock certificate in Celsius Holdings, Inc., which amounted to 337,079 shares. In order to obtain payment pertaining to amounts that are due on March 31, 2021, we will release 62,000 shares which will provide sufficient funds to pay in full the amount that is due regarding the Note, interest and royalties. We will maintain the remaining 275,079 shares as collateral or guarantee of payment on the remaining amounts that will become due over the next three-years. As such, royalties, principal and interest are expected to be paid in full when they become due.

LEASES

LEASES	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
LEASES	7. LEASES The Company’s leasing activities include an operating lease of its corporate office space from a related party (see Note 14) and several other operating and finance leases of vehicles and office space for the Company’s European operations. At the inception of a contract, the Company assesses whether the contract is, or contains, a lease. The Company’s assessment is based on: (1) whether the contract involves the use of a distinct identified asset, (2) whether the Company obtains the right to substantially all the economic benefit from the use of the asset throughout the term, and (3) whether the Company has the right to direct the use of the asset. The Company allocates the consideration in the contract to each lease and non-lease component based on the component’s relative stand-alone price to determine the lease payments. Lease and non-lease components are accounted for separately. Leases are classified as either finance leases or operating leases based on criteria in ASC Topic 842, “Leases”. The Company’s operating leases are generally comprised of real estate and vehicles, and the Company’s finance leases are generally comprised of vehicles. At lease commencement, the Company records a lease liability equal to the present value of the remaining lease payments, discounted using the rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrowing rate. A corresponding right-of-use asset (“ROU asset”) is recorded, measured based on the initial measurement of the lease liability. ROU assets also include any lease payments made and exclude lease incentives. Lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for operating leases, consisting of lease payments, is recognized on a straight-line basis over the lease term. Included in lease expense are any variable lease payments incurred in the period that were not included in the initial lease liability. Lease expense for finance leases consists of the amortization of the ROU asset on a straight-line basis over the shorter of the useful life of the asset or the lease term, and interest expense is calculated using the effective interest rate method. The following is a summary of lease cost recognized in the Company’s consolidated statements of operations: Year ended Year ended December 31, December 31, Operating Finance Operating Finance Leases Leases Leases Leases Lease cost in general and administrative expenses: Operating lease expense $ 384,503 $ - $ 188,977 $ - Amortization of finance lease ROU assets - 328,505 - 97,478 Total lease cost in general and administrative expenses 384,503 328,505 188,977 97,478 Lease cost in other expense: Interest on finance lease liabilities - 16,004 - 2,288 Total lease cost in other expense - 16,004 - 2,288 Total lease cost $ 384,503 $ 344,509 $ 188,977 $ 99,766 The following is a summary of the impact of the Company’s leases on the consolidated statements of cash flows: Years ended December 31, 2020 2019 Leasing activity in cash flows from operating activities: Payments under operating leases (389,831 ) (182,917 ) Interest payments on finance lease liabilities (16,004 ) (2,288 ) Total leasing activity in cash flows from operating activities (405,835 ) (185,205 ) Leasing activity in cash flows from financing activities: Principal payments on finance lease liabilities (280,208 ) (26,486 ) Total leasing activity in cash flows from financing activities: (280,208 ) (26,486 ) The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases at December 31, 2020 and December 31, 2019 were as follows: December 31, December 31, 2020 2019 Weighted average remaining lease term (years) - operating leases 2.6 1.5 Weighted average remaining lease term (years) - finance leases 1.1 1.2 Weighted average discount rate - operating leases 6.52 % 6.88 % Weighted average discount rate - finance leases 3.95 % 2.62 % The future annual minimum lease payments required under the Company’s leases as of December 31, 2020 are as follows: Operating Finance Future minimum lease payments Leases Leases Total 2021 $ 365,738 $ 210,477 $ 576,215 2022 283,274 76,434 359,708 2023 252,081 7,392 259,473 2024 15,391 - 15,391 Total future minimum lease payments 916,484 294,303 1,210,787 Less: Amount representing interest (80,253 ) (6,189 ) (86,442 ) Present value of lease liabilities 836,231 288,114 1,124,345 Less: current portion (321,283 ) (205,824 ) (527,107 ) Long-term portion $ 514,948 $ 82,290 $ 597,238

PROPERTY AND EQUIPMENT

PROPERTY AND EQUIPMENT	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
PROPERTY AND EQUIPMENT	8. PROPERTY AND EQUIPMENT Property and equipment consist of the following at: December 31, December 31, 2020 2019 Furniture and equipment $ 1,103,301 $ 529,550 Less: accumulated depreciation (523,924 ) (396,661 ) Total $ 579,377 $ 132,889 Depreciation expense amounted to $127,263 and $66,939 during years ended December 31, 2020 and 2019, respectively.

GOODWILL AND INTANGIBLES

GOODWILL AND INTANGIBLES	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLES	9. GOODWILL AND INTANGIBLES Goodwill consists of approximately $10,419,321 resulting from the excess of the consideration paid and the fair value of net tangible and intangible assets acquired from the Func Food Acquisition (see note 10). As detailed in note 10, goodwill increased by $395,000 in 2020. There was no other activity related to goodwill during the year ended December 31, 2020. Intangible assets consist of acquired customer relationships and brands from the Func Food Acquisition. The gross carrying amount and accumulated amortization of intangible assets were as follows as of December 31, 2020 and December 31, 2019: December 31, December 31, 2020 2019 Intangible assets subject to amortization Customer relationships gross carrying amount $ 14,050,000 $ 14,050,000 Less: accumulated amortization (582,917 ) - Total $ 13,467,083 $ 14,050,000 Intangible assets not subject to amortization Brands total carrying amount $ 3,123,000 $ 3,123,000 Total Intangibles $ 16,590,083 $ 17,173,000 Customer relationships are amortized over an estimated useful life of 25 years and brands have an indefinite life. Amortization expense for the year ended December 31, 2020 was $582,917. There was no amortization expense related to intangible assets for the year ended December 31, 2019. Other fluctuations in the amounts of intangible assets are due to currency translation adjustments. The following is the future estimated amortization expense related to customer relationships as of December 31, 2020: Year ending December 31, 2021 $ 562,000 2022 562,000 2023 562,000 2024 562,000 2025 562,000 Thereafter 10,657,083 $ 13,467,083

ACQUISITION-EUROPEAN OPERATIONS

ACQUISITION-EUROPEAN OPERATIONS	12 Months Ended
	Dec. 31, 2020
Acquisition european Operations [Abstract]
ACQUISITION-EUROPEAN OPERATIONS	10. ACQUISITION-EUROPEAN OPERATIONS The Company acquired 100% of Func Food Group, Oyj (“Func Food) on October 25, 2019 (“the Acquisition”). The Acquisition was structured as a purchase of all of Func Food’s equity shares and a restructuring of Func Food’s pre-existing debt. Total consideration was $27,060,701, which consisted of approximately $14,188,000 in cash, $8,357,000 of newly issued bonds (see note 13) and $4,516,000 related to the settlement of a pre-existing debt. In addition to the aforementioned bond issuance, the Company financed the acquisition by issuing new common shares. Func Food is a marketer and distributor of nutritional supplements, health food products and beverages, that support sport activities and healthy living and lifestyles in Finland, Sweden, and Norway. Func Food has been the Nordic distributor of Celsius products since 2015 and, as a result of the acquisition, the Company expects to further increase its Nordic market share by leveraging collaborations, revamping its marketing strategy and focusing on core products. It also expects to reduce costs through economies of scale. The Company recorded the acquisition in accordance with ASC Topic 805, pertaining to business combinations. The following table summarizes the consideration paid for Func Food and the amounts of the assets acquired at fair market value and liabilities assumed recognized at the Acquisition date. Acquisition consideration Cash $ 14,188,056 Bonds payable 8,356,958 Settlement of pre-existing debt 4,515,687 Total consideration transferred 27,060,701 Assets acquired and liabilities assumed Accounts receivable $ 1,300,468 Inventories 2,161,067 Prepaid expenses and other current assets 331,774 Property and equipment 616 Right of use asset 806,572 Other long-term assets 101,413 Intangible assets-Customer relationships 14,050,000 Intangible assets-Brands 3,123,000 Accounts payable and accrued expenses (3,489,080 ) Lease liability Obligations (817,041 ) Other current liabilities (927,088 ) Total identifiable net assets $ 16,641,701 Goodwill $ 10,419,000 During the year ended December 31, 2020, goodwill increased by approximately $395,000 due to an additional liability that the Company assumed from the Func Food Acquisition. The additional liability consisted of charges related to an uncertain fiscal position reflected in a 2016 filing. This increase in liabilities and goodwill was recorded as a measurement period adjustment to the net assets acquired from the Func Food Acquisition. The additional liability is reflected in other current liabilities. The amounts of revenue and earnings of Func Food included in the Company’s consolidated statements of operations for the years ended December 31, 2020 and 2019 are as follows: Years ended December 31, 2020 2019 Revenue $ 33,727,441 $ 6,651,969 Earnings $ 4,459,555 $ 52,077

ACCOUNTS PAYABLE AND ACCRUED EX

ACCOUNTS PAYABLE AND ACCRUED EXPENSES	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
ACCOUNTS PAYABLE AND ACCRUED EXPENSES	11. ACCOUNTS PAYABLE AND ACCRUED EXPENSES Accounts payable and accrued expenses consist of the following at: December 31, December 31, 2020 2019 Accounts payable $ 11,854,421 $ 10,159,900 Accrued expenses 13,558,332 7,132,747 Total $ 25,412,753 $ 17,292,647

OTHER LIABILITIES

OTHER LIABILITIES	12 Months Ended
	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
OTHER LIABILITIES	12. OTHER LIABILITIES Other current liabilities consist of the following at: December 31, December 31, 2020 2019 Other Liabilities-State Beverage Container Deposit $ 425,232 $ 107,399 Total $ 425,232 $ 107,399

BONDS PAYABLE

BONDS PAYABLE	12 Months Ended
	Dec. 31, 2020
Bonds Payable [Abstract]
BONDS PAYABLE	13. BONDS PAYABLE Bonds payable consists of the following as of: December 31, December 31, 2020 2019 Bonds were originally issued by Func Food Group, Oyj and were reinstated as part of the purchase consideration to acquire the European Operations (see note 10). On October 30, 2020, the Company fully repaid the Bonds in cash, in accordance with their original terms. The total amount paid was approximately $9.9 million, consisting of $9.6 million of principal and $0.3 million of accrued interest. Original terms of the bonds are as follows: The Bonds are Euro-denominated, unregistered, and were issued on October 25, 2019 at an initial nominal amount of approximately $9.1 million, less discount and issuance costs of approximately $0.7 million. The Bonds accrue interest at a stated interest rate of 6.00% per annum, due semi-annually in arrears, with the first interest payment due on April 30, 2020. The maturity date of the Bonds is October 30, 2020. The Bonds are carried at the nominal amount, less any unamortized discount and issuance costs. The original issuance discount amounted to approximately $381,000. The discount was amortized using the effective interest rate method. As of December 31, 2020, there was zero unamortized discount. Amortization of the discount was approximately $381,000 for the year ended December 31, 2020. The Bond issuance costs amounted to $195,415. The issuance costs were amortized over a straight-line basis, given the short-term nature and that it does not result in a material difference from applying the effective interest rate method. Amortization of the total bond discounts and issuance costs for the year ended December 31, 2020 was $576,415. Fluctuations in currency resulted in a translation loss of $394,371, for the year ended December 31, 2020. Upon maturity of the Bonds, Func Food Group, Oyj may, at its own election, convert up to 50% of the outstanding nominal amount of the Bonds into shares of common stock, at a conversion price relative to the 30-day weighted-average trading price of the Company’s common shares prior to the Acquisition. This conversion feature was never exercised. At Func Food Group, Oyj’s election, the Bonds are callable at 103% at any time. Additionally, mandatory prepayments would be required in the event of either i) a capital raise consummated by the Company or ii) the sale of a certain product line of Func Food. To the fullest extent possible, the net proceeds derived from either event must first be applied towards prepayment of the bonds at 103%, plus any accrued but unpaid interest on the repaid amount. Neither the call provision nor the mandatory prepayment provision was ever exercised or triggered. The Bonds are unsubordinated and are guaranteed by Func Food and its direct and indirect subsidiaries. The Bonds are secured by substantially all the assets of Func Food. The Bonds contain certain financial covenants that are specific to Func Food, mainly related to minimum cash requirements at the end of each quarter. Func Food was in compliance with these covenants through the date that they were fully repaid and redeemed and thereafter. $ - $ 8,634,279 Total Bonds Payable $ - $ 8,634,279

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	12 Months Ended
	Dec. 31, 2020
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	14. RELATED PARTY TRANSACTIONS The Company’s office is rented from a company affiliated with CD Financial, LLC which is controlled by one of our major shareholders. The current lease expires on January 2024 with monthly rent of $17,295. The rental fee is commensurate with other properties available in the market.

STOCKHOLDERS' EQUITY

STOCKHOLDERS' EQUITY	12 Months Ended
	Dec. 31, 2020
Equity [Abstract]
STOCKHOLDERS' EQUITY	15. STOCKHOLDERS’ EQUITY Issuance of common stock pursuant to incentive stock plan exercises During the year ended December 31, 2020, the Company issued an aggregate of 1,883,609 shares of its common stock pursuant to the exercise of grants under the Company’s Stock Incentive Plans. The Company received aggregate proceeds of $4,126,791 for 1,316,050 cash exercises, with the balance of the grants having been exercised on a “cashless” basis. During the year ended December 31, 2019, the Company issued an aggregate of 756,233 shares of its common stock pursuant to the exercise of grants under the Company’s Stock Incentive Plans. The Company received aggregate proceeds of $224,083 for 245,584 cash exercises, with the balance of the grants having been exercised on a “cashless” basis. Issuance of common stock pursuant to private placement On August 25, 2020 the Company issued 1,437,909 shares of its common stock and obtained approximately $22,000,000 of cash as part of a private placement. Issuance of common stock pursuant to public placement On September 16, 2019, the Company issued 7,986,110 shares of common stock, in a public placement and obtained gross proceeds of $28,749,996 and paid $1,585,000 in commissions & fees and incurred in $209,559 of expenses related to the capital raise thereby resulting in net-proceeds in the amount of $26,955,437. Cash paid for taxes on restricted stock awards On October 29, 2020, the CEO and CFO elected to have a portion of their vested restricted stock awards withheld by the Company, in order to cover their personal income taxes. This election was permitted by the underlying restricted stock award agreements that were provided to both the CEO and CFO. The total cash paid by the Company was $656,680, corresponding to the applicable statutory tax amounts required to be withheld. The payment was recorded as a reduction to stockholders’ equity, in accordance with ASC-505-30, Equity-Treasury Stock

INCOME TAXES

INCOME TAXES	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
INCOME TAXES	16. INCOME TAXES The Company’s net tax provision was approximately $200,000 for the year ended December 31, 2020 and zero for the year ended December 31 2019. The current year tax provision mainly relates to European taxes. The Company has evaluated the global intangible low-taxed income ("GILTI") and the foreign derived intangible income provisions and will treat any U.S. tax on foreign earnings under GILTI as a current period expense when incurred. The Company currently considers the earnings of its foreign entities to be permanently reinvested outside the United States based on estimates that future domestic cash generation will be sufficient to meet future domestic cash needs. Accordingly, deferred income taxes have not been recorded for the undistributed earnings of the Company's foreign subsidiaries. The domestic and foreign components of the Company's income before provision for income taxes are as follows: 2020 2019 Domestic $ 8,110,620 $ 9,789,538 Foreign 529,406 181,722 Income before provision for income taxes $ 8,640,026 $ 9,971,260 Components of the provision for income taxes are as follows: Current: 2020 2019 Domestic $ 2,717,564 $ 2,897,092 State 562,924 600,112 Foreign 382,543 50,155 $ 3,663,031 $ 3,547,359 Deferred Domestic $ 471,198 $ - State 97,605 - Foreign 141,577 - 710,380 $ - Valuation Allowance (4,175,734 ) (3,547,359 ) - Income Tax Expense 197,677 - A reconciliation of the total provision for income taxes after applying the U.S. federal statutory rate of 21% to income before provision for income taxes to the reported provision for income taxes are as follows: 2020 2019 U.S. Statutory federal rate 21.0 % 21.0 % State income tax rate, net of federal benefit 4.35 % 4.35 % Permanent differences, including stock-based compensation 6.72 % 9.25 % Change in valuation allowance, including effect of change in tax rates (29.77 )% (34.72 )% Difference in foreign tax rates 0.01 % 0.12 % Effective tax rate 2.30 % 0.0 % December 31, December 31, Deferred Tax Assets: U.S. federal and state net operating loss carryforwards $ 5,121,094 $ 8,400,000 Foreign net operating loss carryforwards 7,000,000 7,900,000 Stock-based compensation 389,816 - Inventory allowance 408,829 95,000 Allowance for doubtful accounts 139,289 74,000 Total deferred tax assets 13,059,028 16,469,000 Deferred Tax Liabilities: Depreciation 50,411 19,000 - - Total deferred tax liabilities 50,411 19,000 Valuation Allowance 13,008,617 16,450,000 Net Deferred Tax Assets - - The Company’s valuation allowance decreased by $3.4 million in 2020 and increased by $1.2 million during 2019. Total net operating loss carry forwards in the United States at December 31, 2020 were approximately $20.6 million, of which approximately $19.4 million, will expire between 2029 and 2037 and $1.2 million may be carried forward indefinitely. China has corporate tax rate of 25% with net operating loss carry forwards expiring after 4 years. The Company had $9.7 million of net operating loss carry forwards in China as of December 31, 2020. Hong Kong has a corporate tax rate of 17% with net operating loss carry forwards that do not expire. The Company had $3.5 million of net operating loss carry forwards in Hong Kong as of December 31, 2020. On October 25, 2019, the Company acquired wholly-owned foreign subsidiaries in Finland, Sweden and Norway. The Finland subsidiary had net operating loss carryforwards of $19.5 million as of December 31, 2020. There were no net operating loss carryforwards available in Norway or Sweden. In 2020 our Sweden subsidiary incurred approximately $116,000 of income tax expense due to the inability to fully utilize the NOLs generated from prior periods. The Finland tax rate is 20%. In the Netherlands, timing differences related to interest payments resulted in an uncertain tax position liability of $81,500. Deferred Tax Assets relating to foreign NOLs are being impacted by currency fluctuations.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	17. STOCK-BASED COMPENSATION The Company adopted an Incentive Stock Plan on January 18, 2007. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company’s common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. While the plan terminates 10 years after the adoption date, issued options have their own schedule of termination. During 2013, the majority of the shareholders approved to increase the total available shares in the plan from 2.5 million to 3.5 million shares of common stock. During May 2014, the majority of the shareholders approved to increase the total available shares in the plan from 3.5 million to 4.25 million shares of common stock, during February 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.25 million to 4.6 million shares of common stock and during April 2015, the majority of the shareholders approved to increase the total available shares in the plan from 4.6 million to 5.1 million shares of common stock. Options to acquire shares of common stock may be granted at no less than fair market value on the date of grant. Upon exercise, shares of new common stock are issued by the Company. The Company adopted the 2015 Stock Incentive Plan on April 30, 2015. This plan is intended to provide incentives which will attract and retain highly competent persons at all levels as employees of the Company, as well as independent contractors providing consulting or advisory services to the Company, by providing them opportunities to acquire the Company’s common stock or to receive monetary payments based on the value of such shares pursuant to Awards issued. The 2015 Plan permits the grant of options and shares for up to 5,000,000 shares. In addition, there is a provision for an annual increase of 15% of the shares pertaining to the 2015 plan that are outstanding as of the last day of the prior year. As of December 31, 2020, approximately 2.0 million shares are available. Under the 2015 Stock Incentive Plan, the Company has issued options to purchase approximately 5.2 million shares at an average price of $4.23 with a fair value of $239.6 million. For the years ended December 31, 2020 and 2019, the Company issued options to purchase 620,535 and 1.20 million shares, respectively. Upon exercise, shares of new common stock are issued by the Company. For the years ended December 31, 2020 and 2019, the Company recognized an expense of approximately $6.3 million and $4.8 million, respectively, of non-cash compensation expense (included in General and Administrative expense in the accompanying Consolidated Statement of Operations) determined by application of a Black-Scholes option pricing model with the following inputs: exercise price, dividend yields, risk-free interest rate, and expected annual volatility. As of December 31, 2020, the Company had approximately $7.2 million of unrecognized pre-tax non-cash compensation expense, which the Company expects to recognize, based on a weighted-average period of 2.01 years. The Company used straight-line amortization of compensation expense over the two to three-year requisite service or vesting period of the grant. The Company recognizes forfeitures as they occur. There are options to purchase approximately 2.39 million shares that have vested as of December 31, 2020. The Company uses the Black-Scholes option-pricing model to estimate the fair value of its stock option awards and warrant issuances. The calculation of the fair value of the awards using the Black-Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following: Year ended December 31, 2020 2019 Expected volatility 69.18-81.11 % 58.62-121.32 % Expected term 4.84-5.00 Years 4.02-5.00 Years Risk-free interest rate 0.23%-1.39% % 1.58%-2.72% % Forfeiture Rate 0.00 % 0.00 % Expected dividend yield 0.00 % 0.00 % The expected volatility was determined with reference to the historical volatility of the Company’s stock. The Company uses historical data to estimate option exercise and employee termination within the valuation model. The expected term of options granted represents the period of time that options granted are expected to be outstanding. The risk-free interest rate for periods within the contractual life of the option is based on the U.S. Treasury rate in effect at the time of grant. A summary of the status of the Company’s outstanding stock options as of December 31, 2020 and 2019 and changes during the periods ending on that date is as follows: Weighted Average Aggregate Weighted Shares Exercise Grant Date Fair Intrinsic Value Average Remaining (000’s) Price Value (000’s) Term (Yrs) Options At December 31, 2018 4,840 $ 3.04 $ - $ 5,338 5.05 Granted 2,874 3.61 2.39 Exercised (912 ) .96 3.98 2,752 Forfeiture and cancelled (274 ) 3.57 At December 31, 2019 6,528 $ 3.54 $ - $ 8,978 6.58 Granted 575 $ 7.14 $ 4.66 Exercised (1,806 ) 2.83 $ 20.27 31,480 Forfeiture and cancelled (99 ) 3.93 At December 31, 2020 5,198 $ 4.23 $ 240,866 6.89 Exercisable at December 31, 2020 2,395 $ 3.64 $ 111,775 5.69 The following table summarizes information about employee stock options outstanding at December 31, 2020: Outstanding Options Vested Options Number Number Outstanding Weighted Weighted Exercisable Weighted Weighted at Averaged Averaged at Averaged Averaged December 31, Remaining Exercise December 31, Exercise Remaining Range of Exercise Price 2020 (000’s) Life Price 2020 (000’s) Price Life $0.20 - $0.53 130 2.34 $ 0.27 130 $ 0.27 2.34 $0.65 - $1.80 115 4.15 $ 1.05 115 $ 1.05 4.15 $1.83 - $2.84 208 3.09 $ 1.97 208 $ 1.97 3.09 $3.20 - $6.20 4,627 7.22 $ 4.17 1,942 4.19 6.28 $7.20-$22.00 118 9.70 17.92 0 0 0 Outstanding options 5,198 6.92 $ 4.23 2,395 $ 3.64 5.69 As of December 31, 2020, the Company had approximately $7,245,000 of unrecognized pre-tax non-cash compensation expense, which the Company expects to recognize, based on a weighted-average period of 2.01 years. Restricted Stock Awards Restricted stock awards are awards of common stock that are subject to restrictions on transfer and to a risk of forfeiture if the holder leaves the Company before the restrictions lapse. The holder of a restricted stock award is generally entitled at all times on and after the date of issuance of the restricted shares to exercise the rights of a shareholder of the Company, including the right to vote the shares. The value of stock awards that vest over time is established by the market price on the date of its grant and generally vests over a period of 3 years. A summary of the Company’s restricted stock activity for the years ended December 31, 2020 and 2019 is presented in the following table: For the twelve months ended December 31, 2020 December 31, 2019 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested at beginning of period 90,000 $ 3.23 66,667 $ 3.64 Granted 175,737 17.46 116,666 3.23 Vested (170,145 ) 8.08 (93,333 ) 3.38 Forfeited (29,363 ) 4.15 - - Unvested at end of period 66,229 $ 28.11 90,000 $ 3.34 The total fair value of shares vested during the years ended December 31, 2020 and 2019 was approximately $2,947,000 and $314,000, respectively. Unrecognized compensation expense related to outstanding restricted stock awards to employees and directors as of December 31, 2020 was $237,801 and is expected to be expensed over the next 53 months.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	18. COMMITMENTS AND CONTINGENCIES In November of 2020, McGovern Capital, Inc. and Kevin McGovern (collectively “McGovern”) filed a claim in arbitration related to its Representative Agreement with Celsius Holdings, Inc. as amended by the first amendment dated August 6, 2016. Pursuant to the Representative Agreement, McGovern is entitled to receive a fee of three percent (3%) of “Net Revenues” received by the Company’s from sales of the Company’s Products in the People’s Republic of China for a period of four years from Initial Commercial Sale (which was September 1, 2017). “Net Revenues” are defined in the Representative Agreement as “the Company’s revenues net of actual discounts applied, credits and returns.” Effective January 1, 2019, the Company restructured its China operations from a distribution arrangement with Qifeng Food Technology (Beijing) Co. Ltd. (“Qifeng”), to a license and royalty arrangement and a loan, pursuant to which Qifeng will market and distribute the Company’s products in China, and Celsius will receive an annual royalty payment. The Company intends to pay McGovern its percentage of the annual royalty payment, but McGovern has objected claiming that McGovern is entitled to be paid commissions on the entire royalty payment and the amount of the loan to Qifeng. The Company intends to defend against McGovern’s claims vigorously and has filed a counterclaim related to McGovern’s failure to comply with the covenant of good faith and fair dealing in the Representative Agreement. This matter is still in its early stages and the Company is unable to predict the outcome at this time. In addition to the foregoing, from time to time, we may become party to litigation or other legal proceedings that we consider to be a part of the ordinary course of our business. The Company has entered into distribution agreements with liquidated damages in case the Company cancels the distribution agreements without Cause. Cause has been defined in various ways. It is management’s belief that no such agreement has created any liability as of December 31, 2020. Additionally, our business and results of operations may be adversely affected by the pandemic and public health crises related to the COVID-19 outbreak which is affecting the macro-economic environment. Please refer to Item 1A. Risk Factors for further details.

SUBSEQUENT EVENTS

SUBSEQUENT EVENTS	12 Months Ended
	Dec. 31, 2020
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	19. SUBSEQUENT EVENTS Between January 1, 2021 and March 10, 2021, the Company issued an aggregate of 322,525 shares of its common stock pursuant to the exercise of stock options granted under the Company’s 2015 Stock Incentive Plan.

BASIS OF PRESENTATION AND SUM_2

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Consolidation Policy	Consolidation Policy
Significant Estimates	Significant Estimates
Reclassification of Prior Year Presentation	Reclassification of Prior Year Presentation –
Segment Reporting	Segment Reporting
Concentrations of Risk	Concentrations of Risk The Company uses single supplier relationships for its raw materials purchases and filling capacity, which potentially subjects the Company to a concentration of business risk. If these suppliers had operational problems or ceased making product available to the Company, operations could be adversely affected. Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. The Company places its cash and cash equivalents with high-quality financial institutions. At times, balances in the Company’s cash accounts may exceed the Federal Deposit Insurance Corporation limit. At December 31, 2020, the Company had approximately $43 million in excess of the Federal Deposit Insurance Corporation limit. For the years ended December 31, 2020 and 2019, the Company had the following 10 percent or greater concentrations of revenue with its customers. Specifically, there is one customer that has accounted for approximately 15% and 12% of our revenue, for the years ended December 31, 2020 and 2019. The below table reflects this customer’s evolution as a percentage of our total revenue. 2020 2019 Amazon 15.1 % 12.0 % All other 84.9 % 88.0 % Total 100.0 % 100.0 % At December 31, 2020 and 2019, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers: 2020 2019 Amazon 11.4 % 19.2 % All other 88.6 % 80.8 % Total 100.0 % 100.0 %
Cash Equivalents	Cash Equivalents
Accounts Receivable	Accounts Receivable
Inventories	Inventories
Property and Equipment	Property and Equipment
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets
Long-lived Asset Geographic Data	Long-lived Asset Geographic Data The following table sets forth long-lived asset information which includes property plant and equipment and lease right of use assets and excludes goodwill and intangibles, where individual countries represent a material portion of the total: December 31, December 31, 2020 2019 United States $ 694,697 $ 127,302 Sweden 431,959 360,153 Finland 450,878 454,900 Long-lived assets related to foreign operations 882,837 815,053 Total long-lived assets $ 1,577,534 $ 942,355
Goodwill	Goodwill
Intangible assets	Intangible assets
Revenue Recognition	Revenue Recognition
Customer Advances	Customer Advances
Advertising Costs	Advertising Costs
Research and Development	Research and Development
Foreign Currency Translation	Foreign Currency Translation — Chinese-Yuan Norwegian-Krone Swedish-Krona Finland-Euro The Company’s results now include the operations of our European entities for the entire year ended December 31, 2020. During this period the currencies in these countries appreciated considerably when compared to the US Dollar giving way to significant currency gains which are reflected in our consolidated results.
Fair Value of Financial Instruments	Fair Value of Financial Instruments
Fair Value Measurements	Fair Value Measurements Level 1: Observable inputs such as quoted market prices in active markets for identical assets or liabilities. Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. Level 3: Unobservable inputs for which there is little or no market data, which require the use of the reporting entity’s own assumptions. Other than these noted previously, the Company did not have any other assets or liabilities measured at fair value at December 31, 2020 and 2019.
Income Taxes	Income Taxes — Accounting for Uncertain Income Tax Positions. Tax positions taken are not offset or aggregated with other positions. Tax positions that meet the more-likely-than-not recognition threshold are measured as the largest amount of tax benefit that is more than 50 percent likely of being realized upon settlement with the applicable taxing authority. The portion of the benefits associated with tax positions taken that exceeds the amount measured as described above should be reflected as a liability for uncertain tax benefits in the accompanying balance sheet along with any associated interest and penalties that would be payable to the taxing authorities upon examination. The Company believes its tax positions are all highly certain of being upheld upon examination. As such, the Company has not recorded a liability for uncertain tax benefits. The Company has adopted ASC 740-10-25 Definition of Settlement, The Company’s tax returns for tax years in 2018 through 2020 remain subject to potential examination by the taxing authorities.
Earnings per Share	Earnings per Share For the years 2020 2019 Net income available to common stockholders $ 8,523,849 $ 9,971,260 Adjustments for diluted earnings: Interest expense on convertible notes - 348,493 Amortization of discount on notes payable - 239,570 Diluted net income (loss) available to common stockholders $ 8,523,849 $ 10,559,323 Income (Loss) per share: Basic $ 0.12 $ 0.16 Diluted $ 0.11 $ 0.16 Weighted average shares outstanding: Basic 70,195,085 60,761,995 Diluted 74,443,601 64,183,399
Share-Based Payments	Share-Based Payments
Cost of Sales	Cost of Sales
Operating Expenses	Operating Expenses
Shipping and Handling Costs	Shipping and Handling Costs
Recent Accounting Pronouncements	Recent Accounting Pronouncements The Company adopts all applicable, new accounting pronouncements as of the specified effective dates. In September 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326) (“ASU 2016-13”), which requires the immediate recognition of management’s estimates of current and expected credit losses. In November 2018, the FASB issued ASU 2018-19, which makes certain improvements to Topic 326. In April and May 2019, the FASB issued ASUs 2019-04 and 2019-05, respectively, which adds codification improvements and transition relief for Topic 326. In November 2019, the FASB issued ASU 2019-10, which delays the effective date of Topic 326 for Smaller Reporting Companies to interim and annual periods beginning after December 15, 2022, with early adoption permitted. In November 2019, the FASB issued ASU 2019-11, which makes improvements to certain areas of Topic 326. In February 2020, the FASB issued ASU 2020-02, which adds an SEC paragraph, pursuant to the issuance of SEC Staff Accounting Bulletin No. 119, to Topic 326. Topic 326 is effective for the Company for fiscal years and interim reporting periods within those years beginning after December 15, 2022. The Company is currently evaluating the potential impact of adopting this guidance on our consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2017-04, “Intangibles and Other (Topic 350): Simplifying the Test for Goodwill Impairment”, which eliminates the requirement to calculate the implied fair value of goodwill, but rather requires an entity to record an impairment charge based on the excess of a reporting unit’s carrying value over its fair value. Adoption of this ASU did not have a material effect on our consolidated financial statements. On January 1, 2020, the Company adopted ASU No. 2018-13, Fair Value Measurements (Topic 820): Disclosure Framework Changes to the Disclosure Requirements for Fair Value Measurement. The amendments in this update modify the disclosure requirements on fair value measurements in Topic 820. Adoption of this ASU did not have a material effect on our consolidated financial statements. All new accounting pronouncements issued but not yet effective are not expected to have a material impact on our results of operations, cash flows or financial position with the exception of the updated previously disclosed above, there have been no new accounting pronouncements not yet effective that have significance to our consolidated financial statements.
Liquidity	Liquidity . If our sales volumes do not meet our projections, expenses exceed our expectations, our plans change, we may be unable to generate enough cash flow from operations to cover our working capital requirements. In such case, we may be required to adjust our business plan, by reducing marketing, lower our working capital requirements and reduce other expenses or seek additional financing. Furthermore, our business and results of operations may be adversely affected by changes in the global macro-economic environment related to the pandemic and public health crises related to the COVID-19 outbreak. We are closely monitoring the COVID-19 pandemic and its potential impact to our business. While we do not expect that the COVID-19 pandemic will have a significant adverse effect on our business, financial condition, or operations at this time, we are unable to accurately predict the impact that COVID-19 will have due to the uncertainties which include the ultimate geographic spread of the virus, the intensity of the virus, the duration of the outbreak, and/or actions that may be taken by governmental agencies.

BASIS OF PRESENTATION AND SUM_3

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accounting Policies [Abstract]
Schedule of revenue & accounts receivable with customers	The below table reflects this customer’s evolution as a percentage of our total revenue. 2020 2019 Amazon 15.1 % 12.0 % All other 84.9 % 88.0 % Total 100.0 % 100.0 % At December 31, 2020 and 2019, the Company had the following 10 percent or greater concentrations of accounts receivable with its customers: 2020 2019 Amazon 11.4 % 19.2 % All other 88.6 % 80.8 % Total 100.0 % 100.0 %
Schedule of long-lived asset geographic data	The following table sets forth long-lived asset information which includes property plant and equipment and lease right of use assets and excludes goodwill and intangibles, where individual countries represent a material portion of the total: December 31, December 31, 2020 2019 United States $ 694,697 $ 127,302 Sweden 431,959 360,153 Finland 450,878 454,900 Long-lived assets related to foreign operations 882,837 815,053 Total long-lived assets $ 1,577,534 $ 942,355
Schedule of anti-dilutive shares	The denominator should include the number of additional common shares that would have been outstanding if the dilutive potential common shares had been issued. Please refer to the below table for additional details: For the years 2020 2019 Net income available to common stockholders $ 8,523,849 $ 9,971,260 Adjustments for diluted earnings: Interest expense on convertible notes - 348,493 Amortization of discount on notes payable - 239,570 Diluted net income (loss) available to common stockholders $ 8,523,849 $ 10,559,323 Income (Loss) per share: Basic $ 0.12 $ 0.16 Diluted $ 0.11 $ 0.16 Weighted average shares outstanding: Basic 70,195,085 60,761,995 Diluted 74,443,601 64,183,399

REVENUE (Tables)

REVENUE (Tables)	12 Months Ended
	Dec. 31, 2020
Revenue from Contract with Customer [Abstract]
Schedule of net sales by reporting segment	Information about the Company’s net sales by reporting segment for the years ended December 31, 2020 and 2019 is as follows: For the years ended December 31, December 31, 2020 2019 North America $ 95,480,310 $ 59,659,320 Europe 33,727,441 14,455,634 Asia 1,092,703 840,648 Other 425,323 190,944 Net sales $ 130,725,777 $ 75,146,546

INVENTORIES (Tables)

INVENTORIES (Tables)	12 Months Ended
	Dec. 31, 2020
Inventory Disclosure [Abstract]
Schedule of inventories	Inventories consist of the following at: December 31, December 31, 2020 2019 Finished goods $ 15,334,386 $ 12,990,044 Raw Materials 4,682,291 3,167,853 Less: Inventory reserve (1,613,055 ) (865,548 ) Inventories $ 18,403,622 $ 15,292,349

NOTE RECEIVABLE (Tables)

NOTE RECEIVABLE (Tables)	12 Months Ended
	Dec. 31, 2020
Note Receivable [Abstract]
Schedule of note receivable	Note receivable consists of the following at: December 31, December 31, 2020 2019 Note Receivable-current $ 1,885,887 $ 1,181,116 Note Receivable-non-current 9,429,437 10,630,04 Total Note Receivable $ 11,315,324 $ 11,811,156

LEASES (Tables)

LEASES (Tables)	12 Months Ended
	Dec. 31, 2020
Leases [Abstract]
Schedule of components of lease costs	The following is a summary of lease cost recognized in the Company’s consolidated statements of operations: Year ended Year ended December 31, December 31, Operating Finance Operating Finance Leases Leases Leases Leases Lease cost in general and administrative expenses: Operating lease expense $ 384,503 $ - $ 188,977 $ - Amortization of finance lease ROU assets - 328,505 - 97,478 Total lease cost in general and administrative expenses 384,503 328,505 188,977 97,478 Lease cost in other expense: Interest on finance lease liabilities - 16,004 - 2,288 Total lease cost in other expense - 16,004 - 2,288 Total lease cost $ 384,503 $ 344,509 $ 188,977 $ 99,766
Schedule of cash flow information related to leases	The following is a summary of the impact of the Company’s leases on the consolidated statements of cash flows: Years ended December 31, 2020 2019 Leasing activity in cash flows from operating activities: Payments under operating leases (389,831 ) (182,917 ) Interest payments on finance lease liabilities (16,004 ) (2,288 ) Total leasing activity in cash flows from operating activities (405,835 ) (185,205 ) Leasing activity in cash flows from financing activities: Principal payments on finance lease liabilities (280,208 ) (26,486 ) Total leasing activity in cash flows from financing activities: (280,208 ) (26,486 )
Schedule of weightesd average remaining lease term and weighted average discount rate	The weighted-average remaining lease terms and weighted-average discount rates for operating and finance leases at December 31, 2020 and December 31, 2019 were as follows: December 31, December 31, 2020 2019 Weighted average remaining lease term (years) - operating leases 2.6 1.5 Weighted average remaining lease term (years) - finance leases 1.1 1.2 Weighted average discount rate - operating leases 6.52 % 6.88 % Weighted average discount rate - finance leases 3.95 % 2.62 %
Schedule of future annual minimum cash payments required under operating lease	The future annual minimum lease payments required under the Company’s leases as of December 31, 2020 are as follows: Operating Finance Future minimum lease payments Leases Leases Total 2021 $ 365,738 $ 210,477 $ 576,215 2022 283,274 76,434 359,708 2023 252,081 7,392 259,473 2024 15,391 - 15,391 Total future minimum lease payments 916,484 294,303 1,210,787 Less: Amount representing interest (80,253 ) (6,189 ) (86,442 ) Present value of lease liabilities 836,231 288,114 1,124,345 Less: current portion (321,283 ) (205,824 ) (527,107 ) Long-term portion $ 514,948 $ 82,290 $ 597,238

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2020
Property, Plant and Equipment [Abstract]
Schedule of property and equipment	Property and equipment consist of the following at: December 31, December 31, 2020 2019 Furniture and equipment $ 1,103,301 $ 529,550 Less: accumulated depreciation (523,924 ) (396,661 ) Total $ 579,377 $ 132,889

GOODWILL AND INTANGIBLES (Table

GOODWILL AND INTANGIBLES (Tables)	12 Months Ended
	Dec. 31, 2020
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of accumulated amortization of intangible assets	The gross carrying amount and accumulated amortization of intangible assets were as follows as of December 31, 2020 and December 31, 2019: December 31, December 31, 2020 2019 Intangible assets subject to amortization Customer relationships gross carrying amount $ 14,050,000 $ 14,050,000 Less: accumulated amortization (582,917 ) - Total $ 13,467,083 $ 14,050,000 Intangible assets not subject to amortization Brands total carrying amount $ 3,123,000 $ 3,123,000 Total Intangibles $ 16,590,083 $ 17,173,000
Schedule future estimated amortization expense	The following is the future estimated amortization expense related to customer relationships as of December 31, 2020: Year ending December 31, 2021 $ 562,000 2022 562,000 2023 562,000 2024 562,000 2025 562,000 Thereafter 10,657,083

ACQUISITION-EUROPEAN OPERATIO_2

ACQUISITION-EUROPEAN OPERATIONS (Tables)	12 Months Ended
	Dec. 31, 2020
Acquisition european Operations [Abstract]
Schedule of assets acquired at fair market value and liabilities	The following table summarizes the consideration paid for Func Food and the amounts of the assets acquired at fair market value and liabilities assumed recognized at the Acquisition date. Acquisition consideration Cash $ 14,188,056 Bonds payable 8,356,958 Settlement of pre-existing debt 4,515,687 Total consideration transferred 27,060,701 Assets acquired and liabilities assumed Accounts receivable $ 1,300,468 Inventories 2,161,067 Prepaid expenses and other current assets 331,774 Property and equipment 616 Right of use asset 806,572 Other long-term assets 101,413 Intangible assets-Customer relationships 14,050,000 Intangible assets-Brands 3,123,000 Accounts payable and accrued expenses (3,489,080 ) Lease liability Obligations (817,041 ) Other current liabilities (927,088 ) Total identifiable net assets $ 16,641,701 Goodwill $ 10,419,000
Schedule of pro-forma consolidated results of operations	The amounts of revenue and earnings of Func Food included in the Company’s consolidated statements of operations for the years ended December 31, 2020 and 2019 are as follows: Years ended December 31, 2020 2019 Revenue $ 33,727,441 $ 6,651,969 Earnings $ 4,459,555 $ 52,077

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
Payables and Accruals [Abstract]
Schedule of accounts payable and accrued expenses	Accounts payable and accrued expenses consist of the following at: December 31, December 31, 2020 2019 Accounts payable $ 11,854,421 $ 10,159,900 Accrued expenses 13,558,332 7,132,747 Total $ 25,412,753 $ 17,292,647

OTHER LIABILITIES (Tables)

OTHER LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Accrued Liabilities and Other Liabilities [Abstract]
Schedule of other liabilities	Other current liabilities consist of the following at: December 31, December 31, 2020 2019 Other Liabilities-State Beverage Container Deposit $ 425,232 $ 107,399 Total $ 425,232 $ 107,399

BONDS PAYABLE (Tables)

BONDS PAYABLE (Tables)	12 Months Ended
	Dec. 31, 2020
Bonds Payable [Abstract]
Schedule of Bonds payable	Bonds payable consists of the following as of: December 31, December 31, 2020 2019 Bonds were originally issued by Func Food Group, Oyj and were reinstated as part of the purchase consideration to acquire the European Operations (see note 10). On October 30, 2020, the Company fully repaid the Bonds in cash, in accordance with their original terms. The total amount paid was approximately $9.9 million, consisting of $9.6 million of principal and $0.3 million of accrued interest. Original terms of the bonds are as follows: The Bonds are Euro-denominated, unregistered, and were issued on October 25, 2019 at an initial nominal amount of approximately $9.1 million, less discount and issuance costs of approximately $0.7 million. The Bonds accrue interest at a stated interest rate of 6.00% per annum, due semi-annually in arrears, with the first interest payment due on April 30, 2020. The maturity date of the Bonds is October 30, 2020. The Bonds are carried at the nominal amount, less any unamortized discount and issuance costs. The original issuance discount amounted to approximately $381,000. The discount was amortized using the effective interest rate method. As of December 31, 2020, there was zero unamortized discount. Amortization of the discount was approximately $381,000 for the year ended December 31, 2020. The Bond issuance costs amounted to $195,415. The issuance costs were amortized over a straight-line basis, given the short-term nature and that it does not result in a material difference from applying the effective interest rate method. Amortization of the total bond discounts and issuance costs for the year ended December 31, 2020 was $576,415. Fluctuations in currency resulted in a translation loss of $394,371, for the year ended December 31, 2020. Upon maturity of the Bonds, Func Food Group, Oyj may, at its own election, convert up to 50% of the outstanding nominal amount of the Bonds into shares of common stock, at a conversion price relative to the 30-day weighted-average trading price of the Company’s common shares prior to the Acquisition. This conversion feature was never exercised. At Func Food Group, Oyj’s election, the Bonds are callable at 103% at any time. Additionally, mandatory prepayments would be required in the event of either i) a capital raise consummated by the Company or ii) the sale of a certain product line of Func Food. To the fullest extent possible, the net proceeds derived from either event must first be applied towards prepayment of the bonds at 103%, plus any accrued but unpaid interest on the repaid amount. Neither the call provision nor the mandatory prepayment provision was ever exercised or triggered. The Bonds are unsubordinated and are guaranteed by Func Food and its direct and indirect subsidiaries. The Bonds are secured by substantially all the assets of Func Food. The Bonds contain certain financial covenants that are specific to Func Food, mainly related to minimum cash requirements at the end of each quarter. Func Food was in compliance with these covenants through the date that they were fully repaid and redeemed and thereafter. $ - $ 8,634,279 Total Bonds Payable $ - $ 8,634,279

INCOME TAXES (Tables)

INCOME TAXES (Tables)	12 Months Ended
	Dec. 31, 2020
Income Tax Disclosure [Abstract]
Schedule of domestic and foreign components	The domestic and foreign components of the Company's income before provision for income taxes are as follows: 2020 2019 Domestic $ 8,110,620 $ 9,789,538 Foreign 529,406 181,722 Income before provision for income taxes $ 8,640,026 $ 9,971,260
Schedule of provision for income taxes	Components of the provision for income taxes are as follows: Current: 2020 2019 Domestic $ 2,717,564 $ 2,897,092 State 562,924 600,112 Foreign 382,543 50,155 $ 3,663,031 $ 3,547,359 Deferred Domestic $ 471,198 $ - State 97,605 - Foreign 141,577 - 710,380 $ - Valuation Allowance (4,175,734 ) (3,547,359 ) - Income Tax Expense 197,677 -
Schedule of difference between the effective income tax rate and the applicable statutory federal income tax	A reconciliation of the total provision for income taxes after applying the U.S. federal statutory rate of 21% to income before provision for income taxes to the reported provision for income taxes are as follows: 2020 2019 U.S. Statutory federal rate 21.0 % 21.0 % State income tax rate, net of federal benefit 4.35 % 4.35 % Permanent differences, including stock-based compensation 6.72 % 9.25 % Change in valuation allowance, including effect of change in tax rates (29.77 )% (34.72 )% Difference in foreign tax rates 0.01 % 0.12 % Effective tax rate 2.30 % 0.0 %
Schedule of deferred tax assets	December 31, December 31, Deferred Tax Assets: U.S. federal and state net operating loss carryforwards $ 5,121,094 $ 8,400,000 Foreign net operating loss carryforwards 7,000,000 7,900,000 Stock-based compensation 389,816 - Inventory allowance 408,829 95,000 Allowance for doubtful accounts 139,289 74,000 Total deferred tax assets 13,059,028 16,469,000 Deferred Tax Liabilities: Depreciation 50,411 19,000 - - Total deferred tax liabilities 50,411 19,000 Valuation Allowance 13,008,617 16,450,000 Net Deferred Tax Assets - -

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
Share-based Payment Arrangement [Abstract]
Schedule of black - scholes option-pricing model valuation assumption	The calculation of the fair value of the awards using the Black-Scholes option-pricing model is affected by the Company’s stock price on the date of grant as well as assumptions regarding the following: Year ended December 31, 2020 2019 Expected volatility 69.18-81.11 % 58.62-121.32 % Expected term 4.84-5.00 Years 4.02-5.00 Years Risk-free interest rate 0.23%-1.39% % 1.58%-2.72% % Forfeiture Rate 0.00 % 0.00 % Expected dividend yield 0.00 % 0.00 %
Schedule of outstanding stock options	A summary of the status of the Company’s outstanding stock options as of December 31, 2020 and 2019 and changes during the periods ending on that date is as follows: Weighted Average Aggregate Weighted Shares Exercise Grant Date Fair Intrinsic Value Average Remaining (000’s) Price Value (000’s) Term (Yrs) Options At December 31, 2018 4,840 $ 3.04 $ - $ 5,338 5.05 Granted 2,874 3.61 2.39 Exercised (912 ) .96 3.98 2,752 Forfeiture and cancelled (274 ) 3.57 At December 31, 2019 6,528 $ 3.54 $ - $ 8,978 6.58 Granted 575 $ 7.14 $ 4.66 Exercised (1,806 ) 2.83 $ 20.27 31,480 Forfeiture and cancelled (99 ) 3.93 At December 31, 2020 5,198 $ 4.23 $ 240,866 6.89 Exercisable at December 31, 2020 2,395 $ 3.64 $ 111,775 5.69
Schedule of employee stock options outstanding	The following table summarizes information about employee stock options outstanding at December 31, 2020: Outstanding Options Vested Options Number Number Outstanding Weighted Weighted Exercisable Weighted Weighted at Averaged Averaged at Averaged Averaged December 31, Remaining Exercise December 31, Exercise Remaining Range of Exercise Price 2020 (000’s) Life Price 2020 (000’s) Price Life $0.20 - $0.53 130 2.34 $ 0.27 130 $ 0.27 2.34 $0.65 - $1.80 115 4.15 $ 1.05 115 $ 1.05 4.15 $1.83 - $2.84 208 3.09 $ 1.97 208 $ 1.97 3.09 $3.20 - $6.20 4,627 7.22 $ 4.17 1,942 4.19 6.28 $7.20-$22.00 118 9.70 17.92 0 0 0 Outstanding options 5,198 6.92 $ 4.23 2,395 $ 3.64 5.69
Schedule of restricted stock activity	A summary of the Company’s restricted stock activity for the years ended December 31, 2020 and 2019 is presented in the following table: For the twelve months ended December 31, 2020 December 31, 2019 Weighted Weighted Average Average Grant Date Grant Date Shares Fair Value Shares Fair Value Unvested at beginning of period 90,000 $ 3.23 66,667 $ 3.64 Granted 175,737 17.46 116,666 3.23 Vested (170,145 ) 8.08 (93,333 ) 3.38 Forfeited (29,363 ) 4.15 - - Unvested at end of period 66,229 $ 28.11 90,000 $ 3.34

BASIS OF PRESENTATION AND SUM_4

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenue [Member]
Concentration Risk [Line Items]
Total	100.00%	100.00%
Revenue [Member] | Amazon [Member]
Concentration Risk [Line Items]
Total	15.10%	12.00%
Revenue [Member] | All Other [Member]
Concentration Risk [Line Items]
Total	84.90%	88.00%
Accounts Receivable [Member]
Concentration Risk [Line Items]
Total	100.00%	100.00%
Accounts Receivable [Member] | Amazon [Member]
Concentration Risk [Line Items]
Total	11.40%	19.20%
Accounts Receivable [Member] | All Other [Member]
Concentration Risk [Line Items]
Total	88.60%	80.80%

BASIS OF PRESENTATION AND SUM_5

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 1) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Total long-lived assets	$ 1,577,534	$ 942,355
Long-lived assets related to foreign operations	882,837	815,053
United States [Member]
Total long-lived assets	694,697	127,302
SWEDEN [Member]
Long-lived assets related to foreign operations	431,959	360,153
FINLAND
Long-lived assets related to foreign operations	$ 450,878	$ 454,900

BASIS OF PRESENTATION AND SUM_6

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details 2) - USD ($)		12 Months Ended
		Dec. 31, 2020	Dec. 31, 2019
Accounting Policies [Abstract]
Net income available to common stockholders		$ 8,523,849	$ 9,971,260
Adjustments for diluted earnings:
Interest expense on convertible notes			348,493
Amortization of discount on notes payable			239,570
Diluted net income (loss) available to common stockholders		$ 8,523,849	$ 10,559,323
Income (Loss) per share:
Basic		$ 0.12	$ 0.16
Diluted		$ 0.11	$ 0.16
Weighted average shares outstanding:
Basic		70,195,085	60,761,995
Diluted	[1]	74,443,601	64,183,399
[1]	Please refer to Earnings per Share section for further details.

BASIS OF PRESENTATION AND SUM_7

BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)shares	Dec. 31, 2019USD ($)
Accounting Policies [Abstract]
Amount excess of FDIC limit	$ 4,300,000
Allowance for doubtful accounts	549,573	$ 292,400
Inventory reserve	1,613,055	865,548
Advertising expense	14,200,000	7,900,000
Research and development expense	508,000	341,000
Foreign Currency Translation	$ 27,000	60,600
Income tax benefit	0.50
Number of shares available | shares	5,000,000
Freight expense	$ 9,500,000	6,300,000
Accumulated deficit	(55,426,832)	(63,409,431)
Net income	8,523,849	9,971,260
Net cash used in operating activities	$ 3,395,084	$ 1,033,988

REVENUE (Details)

REVENUE (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Net sales	$ 130,725,777	$ 75,146,546
North America [Member]
Net sales	95,480,310	59,659,320
Europe [Member]
Net sales	33,727,441	14,455,634
Asia [Member]
Net sales	1,092,703	840,648
Other [Member]
Net sales	$ 425,323	$ 190,944

REVENUE (Details Narrative)

REVENUE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Revenues	$ 130,725,777	$ 75,146,546
Foreign Revenues [Member]
Revenues	352,000,000	15,500,000
Foreign Revenues [Member] | SWEDEN [Member]
Revenues	23,100,000	$ 8,800,000
License Agreement [Member]
Revenues	770,000
Royalty fees	$ 6,900,000
Term of agreement	The term of the agreement is 50 years.

INVENTORIES (Details)

INVENTORIES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Inventory Disclosure [Abstract]
Finished goods	$ 15,334,386	$ 12,990,044
Raw Materials	4,682,291	3,167,853
Less: Inventory reserve	(1,613,055)	(865,548)
Inventories	$ 18,403,622	$ 15,292,349

PREPAID EXPENSES AND OTHER CU_2

PREPAID EXPENSES AND OTHER CURRENT ASSETS (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid expenses and other current assets	$ 14,626,922	$ 4,170,136
Customer advances	$ 10,500,000

NOTE RECEIVABLE (Details)

NOTE RECEIVABLE (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Note Receivable [Abstract]
Note Receivable-current	$ 1,885,887	$ 1,181,116
Note Receivable-non-current	9,429,437	10,630,040
Total Note Receivable	$ 11,315,324	$ 11,811,156

NOTE RECEIVABLE (Details Narrat

NOTE RECEIVABLE (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Note Receivable description	Scheduled principal payments plus accrued interest are due annually on March 31 of each year starting in 2020. The Note is recorded at amortized cost basis and accrues interest at a rate per annum equal to the weighted average of 5% of the outstanding principal up to $5 million and 2% of the outstanding principal above $5 million.
Weighted average interest rate	3.21%
Interest income	$ 356,000
Loss on Investment repayment-China	$ 322,936	$ 12,461,037
Receivable installment due date	Mar. 31, 2020
Instalment collateral shares	337,079
Investment Agreement [Member]
Payment for royalty fees	$ 6,900,000

LEASES (Details)

LEASES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Operating Leases [Member]
Lease cost in general and administrative expenses:
Operating lease expense	$ 384,503	$ 188,977
Amortization of finance lease ROU assets
Total lease cost in general and administrative expenses	384,503	188,977
Lease cost in other expense:
Interest on finance lease liabilities
Total lease cost in other expense
Total lease cost	384,503	188,977
Finance Leases [Member]
Lease cost in general and administrative expenses:
Operating lease expense
Amortization of finance lease ROU assets	328,505	97,478
Total lease cost in general and administrative expenses	328,505	97,478
Lease cost in other expense:
Interest on finance lease liabilities	16,004	2,288
Total lease cost in other expense	16,004	2,288
Total lease cost	$ 344,509	$ 99,766

LEASES (Details 1)

LEASES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Leasing activity in cash flows from operating activities:
Operating leases	$ (389,831)	$ (182,917)
Interest payments on finance lease liabilities	(16,004)	(2,288)
Total leasing activity in cash flows from operating activities	(405,835)	(185,205)
Leasing activity in cash flows from financing activities:
Principal payments on finance lease liabilities	(280,208)	(26,486)
Total leasing activity in cash flows from financing activities:	$ (280,208)	$ (26,486)

LEASES (Details 2)

LEASES (Details 2)	Dec. 31, 2020	Dec. 31, 2019
Operating Leases [Member]
Weighted average remaining lease term (years)	2 years 7 months 6 days	1 year 18 days
Weighted average discount rate	6.52%	6.88%
Finance Leases [Member]
Weighted average remaining lease term (years)	1 year 1 month 6 days	1 year 7 days
Weighted average discount rate	3.95%	2.62%

LEASES (Details 3)

LEASES (Details 3)	Dec. 31, 2020USD ($)
Future minimum lease payments
2021	$ 576,215
2022	359,708
2023	259,473
2024	15,391
Total future minimum lease payments	1,210,787
Less: Amount representing interest	(86,442)
Present value of lease liabilities	1,124,345
Less Current Portion	(527,107)
Long-Term Portion	597,238
Operating Leases [Member]
Future minimum lease payments
2021	365,738
2022	283,274
2023	252,081
2024	15,391
Total future minimum lease payments	916,484
Less: Amount representing interest	(80,253)
Present value of lease liabilities	836,231
Less Current Portion	(321,283)
Long-Term Portion	514,948
Finance Leases [Member]
Future minimum lease payments
2021	210,477
2022	76,434
2023	7,392
2024
Total future minimum lease payments	294,303
Less: Amount representing interest	(6,189)
Present value of lease liabilities	288,114
Less Current Portion	(205,824)
Long-Term Portion	$ 82,290

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (523,924)	$ (396,661)
Total	579,377	132,889
Furniture and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,103,301	$ 529,550

PROPERTY AND EQUIPMENT (Detai_2

PROPERTY AND EQUIPMENT (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 127,263	$ 66,939

GOODWILL AND INTANGIBLES (Detai

GOODWILL AND INTANGIBLES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Intangible assets subject to amortization
Customer relationships gross carrying amount	$ 14,050,000	$ 14,050,000
Less: accumulated amortization	(582,917)
Total	13,467,083	14,050,000
Intangible assets not subject to amortization
Brands total carrying amount	3,123,000	3,123,000
Total Intangibles	$ 16,590,083	$ 17,173,000

GOODWILL AND INTANGIBLES (Det_2

GOODWILL AND INTANGIBLES (Details 1)	Dec. 31, 2020USD ($)
Goodwill and Intangible Assets Disclosure [Abstract]
2021	$ 562,000
2022	562,000
2023	562,000
2024	562,000
2025	562,000
Thereafter	10,657,083
Total	$ 13,467,083

GOODWILL AND INTANGIBLES (Det_3

GOODWILL AND INTANGIBLES (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)
Fair value of net tangible and intangible assets including goodwill	$ 10,419,321
Goodwill addition	395,000
Intangible assets	$ 13,467,083
Amortized over estimated useful life	25 years
Amortization expense	$ 582,917
Func Food Acquisition (Member)
Intangible assets	3,123,000
Acquired customer relationships (Member)
Intangible assets	$ 14,050,000

ACQUISITION-EUROPEAN OPERATIO_3

ACQUISITION-EUROPEAN OPERATIONS (Details)	Dec. 31, 2020USD ($)
Acquisition consideration
Cash	$ 14,188,056
Bonds payable	8,356,958
Settlement of pre-existing debt	4,515,687
Total consideration transferred	27,060,701
Assets acquired and liabilities assumed
Accounts receivable	1,300,468
Inventories	2,161,067
Prepaid expenses and other current assets	331,774
Property and equipment	616
Right of use asset	806,572
Other long-term assets	101,413
Intangible assets-Customer relationships	14,050,000
Intangible assets-Brands	3,123,000
Accounts payable and accrued expenses	(3,489,080)
Lease liability Obligations	(817,041)
Other current liabilities	(927,088)
Total identifiable net assets	16,641,701
Goodwill	$ 10,419,000

ACQUISITION-EUROPEAN OPERATIO_4

ACQUISITION-EUROPEAN OPERATIONS (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Supplemental Pro forma:
Revenues	$ 33,727,441	$ 6,651,969
Earnings/(loss)	$ 4,459,555	$ 52,077

ACQUISITION-EUROPEAN OPERATIO_5

ACQUISITION-EUROPEAN OPERATIONS (Details Narrative)	12 Months Ended
	Dec. 31, 2020USD ($)
Acquisition-european Operations
Acquisition-European Operations, descriptions	The Company acquired 100% of Func Food Group, Oyj (“Func Food) on October 25, 2019 (“the Acquisition”). The Acquisition was structured as a purchase of all of Func Food’s equity shares and a restructuring of Func Food’s pre-existing debt. Total consideration was $27,060,701, which consisted of approximately $14,188,000 in cash, $8,357,000 of newly issued bonds (see note 13) and $4,516,000 related to the settlement of a pre-existing debt. In addition to the aforementioned bond issuance, the Company financed the acquisition by issuing new common shares.
Goodwill addition	$ 395,000

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED EXPENSES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Payables and Accruals [Abstract]
Accounts payable	$ 11,854,421	$ 10,159,900
Accrued expenses	13,558,332	7,132,747
Total	$ 25,412,753	$ 17,292,647

OTHER LIABILITIES (Details)

OTHER LIABILITIES (Details) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Accrued Liabilities and Other Liabilities [Abstract]
Other Liabilities-State Beverage Container Deposit	$ 425,232	$ 107,399
Total	$ 425,232	$ 107,399

BONDS PAYABLE (Details)

BONDS PAYABLE (Details) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 25, 2019	Dec. 31, 2020	Dec. 31, 2019
Bonds payable			$ 8,634,279
Loss on foreign exchange		1,375,925
Bonds Payable [Member]
Bonds payable		9,900,000
Initial nominal amount	$ 9,100,000
Less discount and issuance costs	$ 700,000
Interest rate	6.00%
Maturity date	The maturity date of the Bonds is October 30, 2020.
Unamortized balance	$ 381,000
Amortization discount		381,000
Bond issuance costs		195,415
Loss on foreign exchange		$ 394,371
Bonds payable, description		The Bonds are callable at 103% at any time. Additionally, mandatory prepayments would be required in the event of either i) a capital raise consummated by the Company or ii) the sale of a certain product line of Func Food. To the fullest extent possible, the net proceeds derived from either event must first be applied towards prepayment of the bonds at 103%,
Bonds Payable [Member] | Func Food [Member]
Bonds payable			$ 8,634,279
Bonds Payable [Member] | Principal [Member]
Bonds payable		9,600,000
Bonds Payable [Member] | Interest [Member]
Bonds payable		$ 300,000

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - CD Financial, LLC [Member] - Office [Member] - Carl DeSantis [Member]	12 Months Ended
	Dec. 31, 2020USD ($)
Lease expiration	2024-01
Monthly expense	$ 17,295

STOCKHOLDERS' EQUITY (Details N

STOCKHOLDERS' EQUITY (Details Narrative) - USD ($)	Sep. 16, 2019	Oct. 29, 2020	Aug. 25, 2020	Dec. 31, 2020	Dec. 31, 2019
Proceeds from Options exercised				$ 4,126,791	$ 224,083
Number of options exercised				1,806	912
Net proceeds from sale of common stock				$ 21,892,316	$ 26,955,437
Cash paid for taxes on restricted stock awards				$ (656,680)
Chief Executive Officer [Member]
Cash paid for taxes on restricted stock awards		$ 656,680
Public Placement [Member]
Number of shares issued upon services	7,986,110		1,437,909
Net proceeds from sale of common stock	$ 26,955,437		$ 22,000,000
Gross proceeds	28,749,996
Commissions & fees	1,585,000
Expenses related to the capital raise	$ 209,559
2006 & 2015 Stock Incentive Plan [Member]
Number of option shares granted				1,883,609	756,233
Proceeds from Options exercised				$ 4,126,791	$ 224,083
Number of options exercised				1,316,050	245,584

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income before provision for income taxes	$ 8,640,026	$ 9,971,260
Domestic [Member]
Income before provision for income taxes	8,110,620	9,789,538
Foreign [Member]
Income before provision for income taxes	$ 529,406	$ 181,722

INCOME TAXES (Details 1)

INCOME TAXES (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Current:
Domestic	$ 2,717,564	$ 2,897,092
State	562,924	600,112
Foreign	382,543	50,155
Current federal, state and local, tax expense	3,663,031	3,547,359
Deferred
Domestic	471,198
State	97,605
Foreign	141,577
Deferred federal, state and local, tax expense	710,380
Valuation Allowance	(4,175,734)	(3,547,359)
Income Tax Expense	$ 197,677

INCOME TAXES (Details 2)

INCOME TAXES (Details 2)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Income Taxes Details Abstract
U.S. Statutory federal rate	21.00%	21.00%
State income tax rate, net of federal benefit	4.35%	4.35%
Permanent differences, including stock-based compensation	6.72%	9.25%
Change in valuation allowance, including effect of change in tax rates	(29.77%)	(34.72%)
Difference in foreign tax rates	0.01%	0.12%
Effective tax rate	2.30%	0.00%

INCOME TAXES (Details 3)

INCOME TAXES (Details 3) - USD ($)	Dec. 31, 2020	Dec. 31, 2019
Deferred Tax Assets
U.S. federal and state net operating loss carryforwards	$ 5,121,094	$ 8,400,000
Foreign net operating loss carryforwards	7,000,000	7,900,000
Stock-based compensation	389,816
Inventory allowance	408,829	95,000
Allowance for doubtful accounts	139,289	74,000
Total deferred tax asset	13,059,028	16,469,000
Deferred Tax Liability
Depreciation	50,411	19,000
Total deferred tax liability
Less valuation allowance	50,411	19,000
Net deferred tax asset	$ 13,008,617	$ 16,450,000

INCOME TAXES (Details Narrative

INCOME TAXES (Details Narrative) - USD ($)	1 Months Ended	12 Months Ended
	Oct. 25, 2019	Dec. 31, 2020	Dec. 31, 2019
Income tax provision		$ 200,000
Valuation allowance		3,400,000	$ 1,200,000
Operating loss carry forwards, net		$ 20,600,000	$ 1,200,000
Income tax maturity date		Expire between 2029 and 2037 and $1.2 million may be carried forward indefinitely.
Corporate tax rate		21.00%	21.00%
Net operating loss carry forwards expiring		4 years
Uncertain tax position liability		$ 81,500
China [Member]
Operating loss carry forwards, net		$ 9,700,000
Corporate tax rate		25.00%
Hong Kong [Member]
Operating loss carry forwards, net		$ 3,500,000
Corporate tax rate		17.00%
Finland [Member]
Operating loss carry forwards, net	$ 11,200,000	$ 19,500,000
Corporate tax rate	20.00%
Sweden [Member]
Income tax provision	$ 116,000
Operating loss carry forwards, net	12,900,000
Norway [Member]
Operating loss carry forwards, net

STOCK-BASED COMPENSATION (Detai

STOCK-BASED COMPENSATION (Details)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Forfeiture Rate	0.00%	0.00%
Expected dividend yield	0.00%	0.00%
Minimum [Member]
Expected volatility	69.18%	58.62%
Expected term	4 years 7 days	4 years 7 days
Risk-free interest rate	0.23%	1.58%
Maximum [Member]
Expected volatility	81.11%	121.32%
Expected term	5 years	5 years 22 days
Risk-free interest rate	1.39%	2.72%

STOCK-BASED COMPENSATION (Det_2

STOCK-BASED COMPENSATION (Details 1) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Share-based Payment Arrangement [Abstract]
Options outstanding Balance at beginning	6,528	4,840
Options outstanding, Granted	575	2,874
Options outstanding, Exercised	(1,806)	(912)
Options outstanding, Forfeiture and cancelled	(99)	(274)
Options outstanding, Balance at end	5,198	6,528	4,840
Options outstanding, Exercisable at end	2,395
Weighted Average Exercise Price, Balance at beginning	$ 3.54	$ 3.04
Weighted Average Exercise Price, Granted	7.14	3.61
Weighted Average Exercise Price, Exercised	2.83	0.96
Weighted Average Exercise Price, Forfeiture and cancelled	3.93	3.57
Weighted Average Exercise Price, Balance at end	4.23	3.54	$ 3.04
Weighted Average Exercise Price, Exercisable at end	3.64
Weighted Average Grant Date Fair Value Balance at beginning
Weighted Average Grant Date Fair Value Granted	4.66	2.39
Weighted Average Grant Date Fair Value Exercised	$ 20.27	3.98
Weighted Average Grant Date Fair Value Balance at end
Aggregate Intrinsic Value Balance at beginning	$ 8,978	$ 5,338
Aggregate Intrinsic Value Exercised	31,480	2,752
Aggregate Intrinsic Value Balance at end	240,866	$ 8,978	$ 5,338
Aggregate Intrinsic Value Exercisable	$ 111,775
Weighted Average Remaining Term Balance	6 years 10 months 21 days	6 years 6 months 29 days	5 years 18 days
Weighted Average Remaining Term, exercisable	5 years 8 months 9 days

STOCK-BASED COMPENSATION (Det_3

STOCK-BASED COMPENSATION (Details 2)	12 Months Ended
	Dec. 31, 2020$ / sharesshares
Outstanding Options
Number Outstanding at end | shares	5,198,000
Weighted Averaged Remaining Life	6 years 11 months 1 day
Weighted Averaged Exercise Price | $ / shares	$ 4.23
Vested Options
Number Exercisable at end | shares	2,395,000
Weighted Averaged Exercise Price | $ / shares	$ 3.64
Weighted Averaged Remaining Life	5 years 8 months 9 days
$0.20 - $0.53 [Member]
Outstanding Options
Number Outstanding at end | shares	130,000
Weighted Averaged Remaining Life	2 years 4 months 2 days
Weighted Averaged Exercise Price | $ / shares	$ 0.27
Vested Options
Number Exercisable at end | shares	130,000
Weighted Averaged Exercise Price | $ / shares	$ 0.27
Weighted Averaged Remaining Life	2 years 4 months 2 days
$0.65 - $1.80 [Member]
Outstanding Options
Number Outstanding at end | shares	115,000
Weighted Averaged Remaining Life	4 years 1 month 24 days
Weighted Averaged Exercise Price | $ / shares	$ 1.05
Vested Options
Number Exercisable at end | shares	115,000
Weighted Averaged Exercise Price | $ / shares	$ 1.05
Weighted Averaged Remaining Life	4 years 1 month 24 days
$1.83 - $2.84 [Member]
Outstanding Options
Number Outstanding at end | shares	208,000
Weighted Averaged Remaining Life	3 years 1 month 2 days
Weighted Averaged Exercise Price | $ / shares	$ 1.97
Vested Options
Number Exercisable at end | shares	208,000
Weighted Averaged Exercise Price | $ / shares	$ 1.97
Weighted Averaged Remaining Life	3 years 1 month 2 days
$3.20 - $6.20 [Member]
Outstanding Options
Number Outstanding at end | shares	4,627,000
Weighted Averaged Remaining Life	7 years 2 months 19 days
Weighted Averaged Exercise Price | $ / shares	$ 4.17
Vested Options
Number Exercisable at end | shares	1,942,000
Weighted Averaged Exercise Price | $ / shares	$ 4.19
Weighted Averaged Remaining Life	6 years 3 months 11 days
$7.20-$22.00 [Member]
Outstanding Options
Number Outstanding at end | shares	118,000
Weighted Averaged Remaining Life	9 years 8 months 12 days
Weighted Averaged Exercise Price | $ / shares	$ 17.92
Vested Options
Number Exercisable at end | shares	0
Weighted Averaged Exercise Price | $ / shares	$ 0

STOCK-BASED COMPENSATION (Det_4

STOCK-BASED COMPENSATION (Details 3) - $ / shares	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Unvested at beginning of period	90,000	66,667
Granted	175,737	116,666
Vested	(170,145)	(93,333)
Forfeited	(29,363)
Unvested at end of period	66,229	90,000
Weighted Average Grant Date Fair Value, beginng	3.23	3.64
Weighted Average Grant Date Fair Value, granted	$ 17.46	$ 3.23
Weighted Average Grant Date Fair Value, vested	8.08	3.38
Weighted Average Grant Date Fair Value, forfeited	4.15
Weighted Average Grant Date Fair Value, ending	28.11	3.23

STOCK-BASED COMPENSATION (Det_5

STOCK-BASED COMPENSATION (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Share-based Payment Arrangement [Abstract]
Unrecognized pre-tax non-cash compensation expense to non-vested option	$ 7,245,000
Period unrecognized pre-tax non-cash compensation expense to non-vested option	2 years 4 days
Vesting period	3 years
fair value of shares vested	$ 2,947,000	$ 314,000
Number of shares vested	2,350,000
Unrecognized compensation expense	$ 237,801

SUBSEQUENT EVENTS (Details Narr

SUBSEQUENT EVENTS (Details Narrative)	2 Months Ended
	Mar. 10, 2021shares
Subsequent Event [Member]
Shares issued for stock options granted	322,525