The Lovesac Company (LOVE) 10-Q 18 Jun 19 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	May 05, 2019	Jun. 13, 2019
Document And Entity Information
Entity Registrant Name	Lovesac Co
Entity Central Index Key	0001701758
Amendment Flag	false
Current Fiscal Year End Date	--02-05
Document Type	10-Q
Document Period End Date	May 5, 2019
Document Fiscal Period Focus	Q1
Document Fiscal Year Focus	2020
Entity Filer Category	Non-accelerated Filer
Entity Current Reporting Status	No
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Common Stock, Shares Outstanding		14,530,506
Entity File Number	001-38555

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($)	May 05, 2019	Feb. 03, 2019
Current Assets
Cash and cash equivalents	$ 35,711,749	$ 49,070,952
Trade accounts receivable	4,999,027	3,955,124
Merchandise inventories	30,916,754	26,154,314
Prepaid expenses and other current assets	6,343,493	5,933,872
Total Current Assets	77,971,023	85,114,262
Property and Equipment, Net	19,462,332	18,595,079
Other Assets
Goodwill	143,562	143,562
Intangible assets, net	970,196	942,331
Deferred financing costs, net	206,900	219,071
Total Other Assets	1,320,658	1,304,964
Total Assets	98,754,013	105,014,305
Current Liabilities
Accounts payable	19,754,938	16,836,816
Accrued expenses	2,618,049	3,701,090
Payroll payable	3,077,339	2,269,834
Customer deposits	1,331,493	1,059,957
Sales taxes payable	635,455	750,922
Total Current Liabilities	27,417,274	24,618,619
Deferred Rent	1,605,951	1,594,179
Line of Credit		31,373
Total Liabilities	29,023,225	26,244,171
Stockholders' Equity
Preferred Stock $0.00001 par value, 10,000,000 shares authorized, no shares issued as of May 5, 2019 and February 3, 2019.
Common Stock $0.00001 par value, 40,000,000 shares authorized, and 13,752,035 shares issued and outstanding as of May 5, 2019, and 13,588,568 shares issued and outstanding as of February 3, 2019.	138	136
Additional paid-in capital	141,790,236	141,727,807
Accumulated deficit	(72,059,586)	(62,957,809)
Stockholders' Equity	69,730,788	78,770,134
Total Liabilities and Stockholders' Equity	$ 98,754,013	$ 105,014,305

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	May 05, 2019	Feb. 03, 2019
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	13,752,035	13,588,568
Common stock, shares outstanding	13,752,035	13,588,568

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018
Income Statement [Abstract]
Net sales	$ 40,958,363	$ 26,768,798
Cost of merchandise sold	19,965,868	12,121,625
Gross profit	20,992,495	14,647,173
Operating expenses
Selling, general and administrative expenses	23,861,612	15,194,504
Advertising and marketing	5,389,330	4,407,787
Depreciation and amortization	1,065,617	670,145
Total operating expenses	30,316,559	20,272,436
Operating loss	(9,324,064)	(5,625,263)
Interest income (expense), net	234,563	(57,985)
Net loss before taxes	(9,089,501)	(5,683,248)
Provision for income taxes	(12,276)
Net loss	$ (9,101,777)	$ (5,683,248)
Net loss per common share:
Basic and diluted	$ (0.67)	$ (1.25)
Weighted average number of common shares outstanding:
Basic and diluted	13,669,944	6,065,238

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($)	Common	Preferred	Additional Paid-in Capital	Accumulated Deficit	Total
Balance at Feb. 04, 2018	$ 61	$ 10	$ 79,891,835	$ (56,253,453)	$ 23,638,453
Balance, shares at Feb. 04, 2018	6,064,500	1,018,600
Net loss				(5,683,248)	(5,683,248)
Equity based compensation			295,239		295,239
Vested restricted stock units
Vested restricted stock units, shares	13,126
Balance at May. 06, 2019	$ 61	$ 10	80,187,074	(61,936,701)	18,250,444
Balance, shares at May. 06, 2019	6,077,626	1,018,600
Balance at Feb. 03, 2019	$ 136		141,727,807	(62,957,809)	78,770,134
Balance, shares at Feb. 03, 2019	13,588,568
Net loss				(9,101,777)	(9,101,777)
Equity based compensation			3,222,563		3,222,563
Vested restricted stock units	$ 2		(3,164,134)		(3,164,132)
Vested restricted stock units, shares	158,329
Exercise of warrants			4,000		4,000
Exercise of warrants, shares	5,138
Balance at May. 05, 2019	$ 138		$ 141,790,236	$ (72,059,586)	$ 69,730,788
Balance, shares at May. 05, 2019	13,752,035

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Cash Flows (Unaudited) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018
Cash Flows from Operating Activities
Net loss	$ (9,101,777)	$ (5,683,248)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization of property and equipment	1,016,035	631,991
Amortization of intangible assets	49,583	38,154
Amortization of deferred financing fees	12,171	66,405
Loss on disposal of property and equipment	46,857	6,139
Equity based compensation	3,222,563	295,239
Deferred rent	11,772	123,244
Changes in operating assets and liabilities:
Accounts receivable	(1,043,903)	(576,732)
Merchandise inventories	(4,762,440)	(2,212,240)
Prepaid expenses and other current assets	(409,621)	308,359
Accounts payable and accrued expenses	2,527,119	1,224,425
Customer deposits	271,536	190,171
Net Cash Used in Operating Activities	(8,160,105)	(5,588,093)
Cash Flows from Investing Activities
Purchase of property and equipment	(1,930,145)	(2,774,190)
Payments for patents and trademarks	(77,448)	(79,170)
Net Cash Used in Investing Activities	(2,007,593)	(2,853,360)
Cash Flows from Financing Activities
Taxes paid for net share settlement of equity awards	(3,164,132)
Proceeds from exercise of warrants	4,000
(Paydowns of) proceeds from the line of credit	(31,373)	1,499,595
Payments of deferred financing costs		(292,095)
Net Cash (Used in) Provided by Financing Activities	(3,191,505)	1,207,500
Net Change in Cash and Cash Equivalents	(13,359,203)	(7,233,953)
Cash and Cash Equivalents - Beginning	49,070,952	9,175,951
Cash and Cash Equivalents - End	35,711,749	1,941,998
Supplemental Cash Flow Disclosures
Cash paid for interest	$ 8,392	$ 40,031

Basis of Presentation, Operatio

Basis of Presentation, Operations and Liquidity	3 Months Ended
	May 05, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BASIS OF PRESENTATION, OPERATIONS AND LIQUIDITY	NOTE 1 – BASIS OF PRESENTATION, OPERATIONS AND LIQUIDITY The condensed consolidated balance sheet of The Lovesac Company (the "Company") as of February 3, 2019, which has been derived from our audited financial statements as of and for the 52-week year ended February 3, 2019, and the accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (the "SEC") for interim financial reporting. Certain information and note disclosures normally included in annual financial statements, prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP"), have been condensed or omitted pursuant to those rules and regulations. The financial information presented herein, which is not necessarily indicative of results to be expected for the full current fiscal year, reflects all adjustments which, in the opinion of management, are necessary for a fair presentation of the interim unaudited condensed consolidated financial statements. Such adjustments are of a normal, recurring nature. These condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in our audited consolidated financial statements for the fiscal year ended February 3, 2019. Due to the seasonality of the Company's business, with the majority of our activity occurring in the second half of the fiscal year, the results of operations for the thirteen weeks ended May 5, 2019 and May 6, 2018 are not necessarily indicative of results to be expected for the full fiscal year. The Company was formed as a Delaware corporation on January 3, 2017, in connection with a corporate reorganization with SAC Acquisition LLC, a Delaware limited liability company, the predecessor entity to the Company and currently the largest stockholder of the Company. Pursuant to the terms of the reorganization, which was completed on March 22, 2017, SAC Acquisition LLC assigned, and the Company assumed all rights, title and interest to all assets and liabilities of SAC Acquisition LLC, including the intellectual property that is currently owned by the Company, in exchange for 6,000,000 shares of common stock of the Company. The Company designs and sells foam filled furniture, sectional couches, and related accessories throughout the world. As of May 5, 2019, the Company operated 75 leased retail showrooms located throughout the United States. In addition, the Company operates a retail Internet website and does business to business transactions through its wholesale operations. The Company has incurred significant operating losses and used cash in its operating activities since inception. Operating losses have resulted from inadequate sales levels for the cost structure and expenses as a result of expanding into new markets, opening new showrooms, and investments into marketing and infrastructure to support increases in revenues. The Company continues to open new retail showrooms in larger markets to increase sales levels and invest in marketing initiatives to increase brand awareness. Of course, there can be no assurance that anticipated sales levels will be achieved. On June 22, 2018, the board of directors of the Company approved a 1-for-2.5 reverse stock split of the Company's shares of common stock. The reverse stock split became effective immediately prior to the closing of its initial public offering ("IPO"). All stock amounts included in these financial statements have been adjusted to reflect this reverse stock split. On June 27, 2018, the Company completed its IPO, selling 4,025,000 shares of common stock at a price of $16.00 per share. Net proceeds to the Company from the offering were approximately $58.9 million after legal and underwriting expenses. The Company believes that based on its current sales and expense levels, projections for the next twelve months, the credit facility with Wells Fargo Bank, see Note 7, and the proceeds from the IPO, as well as the follow-on offering that was completed on May 21, 2019 in which the Company received approximately $25.5 million (see below), the Company will have sufficient working capital to cover operating cash needs through the twelve-month period from the financial statement issuance date. On October 29, 2018, certain selling stockholders conducted a secondary offering of 2,220,000 shares of common stock of the Company. The Company did not sell any shares or receive any proceeds from the sale of the common stock by the selling stockholders. On May 21, 2019, the Company and certain of the Company's stockholders completed a primary and secondary public offering of an aggregate of 2,500,000 shares of common stock, which included 750,000 shares offered by the Company and 1,750,000 shares offered by certain selling stockholders of the Company, at a public offering price of $36.00 per share. Net proceeds to the Company from the offering were approximately $25.5 million after legal and underwriting expenses. On May 29, 2019, the underwriters also exercised an option to purchase up to an additional 375,000 shares of common stock from the selling stockholders. The Company did not receive any proceeds from the sale of the common stock by the selling stockholders. Immediately prior to the follow-on offerings in October 2018 and May 2019, Mistral and its affiliates owned approximately 56% and 41% of our common stock, respectively. Immediately after the completion of the follow-on offerings, such entities owned approximately 41% and 28.8% of our common stock, respectively. As a result, we are no longer a "controlled company" within the meaning of the corporate governance standards of Nasdaq and we will, subject to certain transition periods permitted by Nasdaq rules, no longer rely on exemptions from corporate governance requirements that are available to controlled companies.

Recent Accounting Pronouncement

Recent Accounting Pronouncements	3 Months Ended
	May 05, 2019
Accounting Changes and Error Corrections [Abstract]
RECENT ACCOUNTING PRONOUNCEMENTS	NOTE 2 – RECENT ACCOUNTING PRONOUNCEMENTS Except as described below, the Company has considered all other recently issued accounting pronouncements and does not believe the adoption of such pronouncements will have a material impact on its financial statements. The Company, as an emerging growth company, has elected to use the extended transition period for complying with new or revised financial accounting standards. The following new accounting pronouncements were adopted in fiscal 2020: In August 2015, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") No. 2015-14, which defers the effective date of ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) by one year. ASU 2014-09 is a comprehensive new revenue recognition model requiring a company to recognize revenue to depict the transfer of goods or services to a customer at an amount reflecting the consideration it expects to receive in exchange for those goods or services. As a result, ASU 2015-14 is now effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, which for the Company is fiscal 2020. We reviewed substantially all of our contracts and other revenue streams and determined that while the application of the new standard did not have a material change in the amount of or timing for recognizing revenue, it did have a significant impact on our financial statement disclosures which are further discussed in Note 12 – Revenue Recognition. In August 2016, FASB issued ASU 2016-15, Statement of Cash Flows: Clarification of Certain Cash Receipts and Cash Payments, which eliminates the diversity in practice related to classification of certain cash receipts and payments in the statement of cash flows, by adding or clarifying guidance on eight specific cash flow issues. ASU 2016-15 is effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption is permitted, including adoption in an interim period. The Company adopted the guidance retrospectively effective February 4, 2019, which did not have a material effect on the Company's consolidated financial position and results of operations. The following new accounting pronouncements, and related impacts on adoption are being evaluated by the Company: In February 2016, FASB issued ASU No. 2016-02, Leases (Topic 842) amending lease guidance to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet and disclosing key information about leasing arrangements. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020, with early adoption permitted. This standard will be effective beginning with our fiscal 2021. Management is currently evaluating the impact ASU No. 2016-02 will have on these condensed consolidated financial statements. We anticipate that adopting this standard will have a material impact on our consolidated balance sheet as we have a significant number of operating leases. In June 2018, the FASB issued ASU 2018-07, Improvements to Nonemployee Share-Based Payment Accounting

Intangible Assets, Net

Intangible Assets, Net	3 Months Ended
	May 05, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
INTANGIBLE ASSETS, NET	NOTE 3 – INTANGIBLE ASSETS, NET A summary of intangible assets follows: May 5, 2019 Estimated Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents 10 Years $ 1,406,738 $ (764,668 ) $ 642,071 Trademarks 3 Years 945,746 (618,306 ) 327,439 Other Intangibles 5 Years 839,623 (838,937 ) 686 Total $ 3,192,107 $ (2,221,911 ) $ 970,196 February 3, 2019 Estimated Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents 10 Years $ 1,406,336 $ (744,715 ) $ 661,621 Trademarks 3 Years 868,586 (589,248 ) 279,338 Other Intangibles 5 Years 839,737 (838,365 ) 1,372 Total $ 3,114,659 $ (2,172,328 ) $ 942,331 Amortization expense associated with intangible assets subject to amortization is included in depreciation and amortization expense on the accompanying condensed consolidated statements of operations. Amortization expense on other intangible assets was $49,583 and $38,154 the thirteen weeks ended May 5, 2019 and May 6, 2018 respectively. As of May 5, 2019, estimated future amortization expense associated with intangible assets subject to amortization is as follows: Remainder of Fiscal 2020 $ 222,020 2021 179,155 2022 136,734 2023 75,467 2024 75,467 2025 75,467 Thereafter 205,886 $ 970,196

Income Taxes

Income Taxes	3 Months Ended
	May 05, 2019
Income Tax Disclosure [Abstract]
INCOME TAXES	NOTE 4 – INCOME TAXES The Company continues to provide a full valuation allowance against its net deferred tax assets due to the uncertainty as to when business conditions will improve sufficiently to enable it to utilize its deferred tax assets. As a result, the Company did not record a federal or state tax benefit on its operating losses for the thirteen weeks ended May 5, 2019 and May 6, 2018. The Company does not anticipate any material adjustments relating to unrecognized tax benefits within the next twelve months; however, the ultimate outcome of tax matters is uncertain and unforeseen results can occur. We had no material interest or penalties during the thirteen weeks ended May 5, 2019 and May 6, 2018, respectively, and we do not anticipate any such items during the next twelve months. Our policy is to record interest and penalties directly related to uncertain tax positions as income tax expense in the condensed consolidated statements of operations.

Basic and Diluted Net Loss per

Basic and Diluted Net Loss per Common Share	3 Months Ended
	May 05, 2019
Earnings Per Share [Abstract]
BASIC AND DILUTED NET LOSS PER COMMON SHARE	NOTE 5 – BASIC AND DILUTED NET LOSS PER COMMON SHARE The following table presents the calculation of loss per share for the thirteen weeks ended May 5, 2019 and May 6, 2018: For the thirteen weeks ended May 5, May 6, Numerator: Net loss - Basic and diluted $ (9,101,777 ) $ (5,683,248 ) Preferred dividends and deemed dividends - (1,901,016 ) Net loss attributable to common shares (9,101,777 ) (7,584,264 ) Denominator: Weighted average number of common shares for basic and diluted net loss per share 13,669,944 6,065,238 Basic and diluted net loss per share $ (0.67 ) $ (1.25 ) Diluted net loss per common share includes, in periods in which they are dilutive, the effect of those potentially dilutive securities where the average market price of the common stock exceeds the exercise prices for the respective periods. As of May 5, 2019, there were 1,179,697, of potentially dilutive shares which may be issued in the future, including 104,681 shares of common stock related to restricted stock units and warrants to purchase 1,075,016 shares of common stock. As of May 6, 2018, there were 1,031,853 of potentially dilutive shares which may be issued in the future, including 232,878 shares of common stock relating to restricted stock and warrants to purchase 798,975 shares of common stock. These were excluded from the diluted loss per share calculation because the effect of including these potentially dilutive shares was antidilutive.

Commitments, Contingency and Re

Commitments, Contingency and Related Parties	3 Months Ended
	May 05, 2019
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS, CONTINGENCY AND RELATED PARTIES	NOTE 6 – COMMITMENTS, CONTINGENCY AND RELATED PARTIES Operating Lease Commitments The Company leases its office, warehouse facilities and retail showrooms under operating lease agreements which expire at various dates through January 2029. Monthly payments related to these leases range from $2,500 to $28,000. Expected future annual minimum rental payments under these leases follow: Remainder 2020 $ 5,844,545 2021 8,758,737 2022 7,913,400 2023 7,682,784 2024 7,407,355 2025 6,532,902 Thereafter 13,457,294 Total $ 57,597,017 Legal Contingency The Company is involved in various legal proceedings in the ordinary course of business. Management cannot presently predict the outcome of these matters, although management believes, based in part on the advice of counsel, that the ultimate resolution of these matters will not have a materially adverse effect on the Company's consolidated financial position, results of operations or cash flows. Related Parties Mistral Capital Management, LLC ("Mistral"), an affiliate of the largest stockholder of the Company, performs management services for the Company under a contractual agreement. Management fees totaled approximately $100,000 for the thirteen weeks ended May 5, 2019 and May 6, 2018, and are included in selling, general and administrative expenses. Amounts payable to Mistral as of May 5, 2019 and February 3, 2019 were $103,443 and $0, respectively and are included in accounts payable in the accompanying balance sheets. In addition, the Company reimbursed Mistral for expenses incurred in the amount of $39,000 for sponsor related fees for the thirteen weeks ended May 5, 2019. There were no such reimbursements during the thirteen weeks ended May 6, 2018. Satori Capital, LLC ("Satori"), an affiliate of two stockholders of the Company since April 2017, performs management services for the Company under a contractual agreement. Management fees totaled approximately $25,000 for both the thirteen weeks ended May 5, 2019 and May 6, 2018 and are included in selling, general and administrative expenses. There were no amounts payable to Satori as of May 5, 2019 and February3, 2019. The Company engaged Blueport Commerce ("Blueport"), a company owned in part by investment vehicles affiliated with Mistral and an affiliate of Schottenstein Stores Corporation, an indirect investor in SAC Acquisition LLC, our largest shareholder, to evaluate a transition plan to convert to the Blueport platform. Certain of our directors are members and principals of Mistral or employees of Schottenstein Stores Corporation. The Company launched the Blueport platform in February 2018. There were $337,496 and $333,273 of fees incurred with Blueport sales transacted through the Commerce platform and on the conversion of the Commerce platform during the thirteen weeks ended May 5, 2019 and May 6, 2018, respectively. Amounts payable to Blueport as of May 5, 2019 and February 3, 2019 were $140,335 and $93,210, respectively, and are included in accounts payable and accrued expenses in the accompanying condensed consolidated balance sheets.

Financing Arrangements

Financing Arrangements	3 Months Ended
	May 05, 2019
Debt Disclosure [Abstract]
FINANCING ARRANGEMENTS	NOTE 7 – FINANCING ARRANGEMENTS The Company had a line of credit with Siena Lending Group, LLC to borrow up to $7.0 million, which matured on May 14, 2018. Borrowings were limited to the lesser of 75% of inventory or 85% of the net orderly liquidation value of inventory and may be reduced by certain liabilities of the Company. All amounts outstanding bore interest at the base rate, defined as the greatest of (i) Prime Rate published by The Wall Street Journal, (ii) Federal Funds Rate plus 0.5% or (iii) 3.25%, plus 3% (7.00% at February 4, 2018). The line was subject to a monthly unused line fee of 0.75%. The agreement was secured by the first lien on substantially all assets of the Company. In February 2018, the Company paid the outstanding loan balance of $405, an early termination fee of $70,000 and fully amortized the remaining deferred financing fees of $48,149 on its line of credit with Siena Lending Group, LLC. On February 6, 2018, the Company established a line of credit with Wells Fargo Bank, National Association ("Wells"). The line of credit with Wells allows the Company to borrow up to $25.0 million and will mature in February 2023. Borrowings are limited to 90% of eligible credit card receivables plus 85% of eligible wholesale receivables plus 85% of the net recovery percentage for the eligible inventory multiplied by the value of such eligible inventory of the Company for the period from December 16 of each year until October 14 of the immediately following year, with a seasonal increase to 90% of the net recovery percentage for the period from October 15 of each year until December 15 of such year, seasonal advance rate, minus applicable reserves established by Wells. As of May 5, 2019, and February 3, 2019, the Company's borrowing availability under the line of credit with Wells Fargo was $13.4 million and $11.5 million, respectively. As of May 5, 2019, and February 3, 2019, there was $0 and $31,373 outstanding on this line of credit. Under the line of credit with Wells, the Company may elect that revolving loans bear interest at a rate per annum equal to the base rate plus the applicable margin or the LIBOR rate plus the applicable margin. The applicable margin is based on tier's relating to the quarterly average excess availability. The tiers range from 2.00% to 2.25%. The loan agreement calls for certain covenants including a timing of the financial statements threshold and a minimum excess availability threshold. On May 3, 2018, the Company elected a one-month revolving loan with a maturity date of June 4, 2018, that bears interest at the LIBOR rate plus the applicable margin for an all-in-rate of 3.1875%. The one-month revolving loan matured and was paid in full on June 4, 2018.

Stockholders' Equity

Stockholders' Equity	3 Months Ended
	May 05, 2019
Equity [Abstract]
STOCKHOLDERS' EQUITY	NOTE 8 – STOCKHOLDERS’ EQUITY Common Stock Warrants In fiscal 2018, the Company completed financing transactions with funds and investment vehicles advised by Mistral, Satori, and executive management in which the Company originally issued 930,054 warrants to purchase common stock subject to adjustments in the exercise price as defined below. In consideration for agreeing to amend the outstanding preferred stock to automatically convert immediately prior to the completion of the IPO, on April 19, 2018, the Company and a majority of the holders of the warrants issued along with the preferred stock, agreed to amend and restate the warrants to replace the aggregate dollar value of each warrant with a fixed number of warrant shares. In order to prevent dilution of the purchase rights granted under the warrants, the exercise price was calculated based on certain factors described in the amendment. On April 19, 2018, the above warrants were modified, and the Company updated the fair value of the warrants using the assumptions detailed below using a probability-weighted expected return. As the total fair value of the modified warrants was less than the total fair value of the original warrants, there was no financial statement impact on April 19, 2018. The modification resulted in the cancellation of the 930,054 warrants and the reissuance of 798,975 warrants. On June 29, 2018, the Company completed a Qualified IPO and the exercise price was adjusted to equal the purchase price per share of common stock of $16.00. The Company computed the value of the warrants with the updated assumptions using the Black-Scholes Model, as described below, and recorded the difference between the fair value of the new warrants compared to the old warrants as a deemed dividend of $1,498,079. There were 281,750 warrants, with a five-year term, issued to Roth Capital Partners, LLC as part of the underwriting agreement in connection with the Company’s IPO. These warrants were valued using the Black-Scholes model, and remain outstanding as of May 5, 2019. In the third quarter of fiscal 2019, the Company amended and restated warrants totaling 56,077 with a three-year term, valued using the Black-Scholes model. The Company recorded the difference between the fair value of the new warrants compared to the old warrants as a deemed dividend of $408,919. These warrants were exercised in September 2018. In fiscal 2020, the Company issued 18,166 warrants to a third party in connection with previous equity raise. These warrants were, valued using the Black-Scholes model, with similar assumptions to the June 2018 warrants. The warrants had a fair value of approximately $130,000. Of these warrants, 17,396 were exercised on May 14, 2019. The warrants may be exercised at any time following the date of issuance during the period prior to their expiration date. The fair value of each warrant is estimated on the date of grant using the Black-Scholes model. Expected volatilities are based on comparable Companies’ historical volatility, which management believes represents the most accurate basis for estimating expected future volatility under the current circumstances. The risk-free rate is based on the U.S. treasury yield in effect at the time of the grant. The following represents warrant activity during the thirteen weeks ended May 5, 2019 and May 6, 2018: Average Exercise Price Number of Warrants Weighted Average Remaining Life Warrants Outstanding at February 4, 2018 $ 17.18 930,054 3.24 Warrants issued 19.00 798,975 3.20 Expired and canceled 17.18 (930,054 ) 3.20 Exercised - - - Warrants Outstanding at May 6, 2018 $ 19.00 798,975 3.15 Warrants Outstanding at February 3, 2019 $ 16.83 1,067,475 2.93 Warrants issued 16.00 18,166 2.40 Expired and canceled - - - Exercised 16.00 (10,625 ) (2.40 ) Warrants Outstanding at May 5, 2019 $ 16.83 1,075,016 2.68 The majority of the 10,625 warrants exercised in fiscal 2020 were cashless, whereby the holders received less shares of common stock in lieu of a cash payment the Company, which resulted in the issuance of 5,138 common shares. EQUITY INCENTIVE PLANS The Company adopted the 2017 Equity Incentive Plan (the “Plan”) which provides for Awards in the form of Options, Stock Appreciation rights, Restricted Stock Awards, Restricted Stock Units, Performance shares, Performance Units, Cash-Based Awards and Other Stock-Based Awards. All awards shall be granted within 10 years from the effective date of the Plan. In April 2018, the board of directors of the Company approved an increase in shares of common stock reserved for issuance under the Plan from 420,000 to 604,612 shares of common stock. On May 10, 2018, the Board of Directors approved an increase in shares of common stock reserved for issuance under the Plan from 604,612 to 615,066 shares of common stock. On June 5, 2019, the shareholders approved an amendment and restatement of the Plan that among other things increased the number of shares of common stock reserved for issuance under the Plan from 615,066 to 1,414,889 share of common stock. In October 2017, the Company granted 258,000 Restricted Stock Units to certain officers of the Company with a fair value of $2,792,849. The unit vesting was based on both time and performance. The time vesting units vest twenty-five percent on January 31, 2018, and twenty-five percent on each of the next three anniversaries of that initial vesting date. The performance vesting units vest annually upon the achievement of certain benchmarks. There were no Restricted Stock Units cancelled, forfeited, or expired during the thirteen weeks ended May 5, 2019 related to these grants. Due to an accelerated vesting clause in these specific grants, all the unvested time and performance units vested on March 21, 2019. There are no unvested units under these grants as of May 5, 2019. In March 2018, the Company granted 52,504 Restricted Stock Units to certain executive employees of the Company with a fair value of $568,356. The unit vesting was based on both time and performance. The time vesting units vest twenty-five percent on May 1, 2018, and twenty-five percent on January 31st of the following three years. The performance vesting units vest annually upon the achievement of certain benchmarks. As of May 5, 2019, there were 32,815 unvested units outstanding related to this grant. There were no Restricted Stock Units cancelled, forfeited, or expired during the thirteen weeks ended May 5, 2019, related to these grants. On May 10, 2018, the Company granted 188,917 Restricted Stock Units to certain officers of the Company with a fair value of $2,800,695. The unit vesting is based on both time and performance. The time vesting units vest twenty-five percent on the closing of the offering, and twenty-five percent on January 31st of the following three years. The performance vesting units vest annually upon the achievement of certain benchmarks. There were no Restricted Stock Units cancelled, forfeited, or expired during the thirteen weeks ended May 5, 2019 related to these grants. Due to an accelerated vesting clause in these specific grants, all the unvested time and performance units vested on March 21, 2019. There are no unvested units under these grants as of May 5, 2019. On June 20, 2018, the Company granted to certain executive and non-executive employees of the Company an aggregate of 68,378 Restricted Stock Units, with a fair value of $1,014,046 of which 15,666 Restricted Stock Units, immediately vested. The unit vesting is based on both time and performance. The time and performance vesting units will vest twenty-five percent on July 1, 2019, and July 1, 2020 and between twenty-five to thirty-five percent on July 1, 2021. The performance vesting units will only vest upon the achievement of certain benchmarks. As of May 5, 2019, there were 48,084 unvested units outstanding related to this grant. There were no Restricted Stock Units cancelled, forfeited or expired from this grant during the thirteen weeks ended May 5, 2019. In September 2018, the Company granted a certain executive employee of the Company 10,500 Restricted Stock Units with a fair value of $250,950. The unit vesting was based on both time and performance. The time vesting units vest twenty-five percent on October 4, 2018, and twenty-five percent on January 31st of the following three years. The performance vesting units vest annually upon the achievement of certain benchmarks. As of May 5, 2019, there were 6,562 unvested units outstanding related to this grant. There were no Restricted Stock Units cancelled, forfeited or expired from this grant during the thirteen weeks ended May 5, 2019. In January 2019, the Company granted a certain executive employee of the Company 10,500 Restricted Stock Units with a fair value of $246,120. The unit vesting was based on both time and performance. The time vesting units vest twenty-five percent on January 31, 2020, and twenty-five percent on January 31st of each of the following three years. The performance vesting units vest annually upon the achievement of certain benchmarks. As of May 5, 2019, there were 10,500 unvested units outstanding related to this grant. There were no Restricted Stock Units cancelled, forfeited or expired from this grant during the thirteen weeks ended May 5, 2019. In March 2019, the Company granted to certain non-executive employees of the Company an aggregate of 8,780 Restricted Stock Units, with a fair value of $264,015. The unit vesting is based on both time and performance. The time and performance vesting units will vest fifteen percent on July 1, 2020, 25% on both July 1, 2021 and July 1, 2022 and 35% on July 1, 2023. The performance vesting units will only vest upon the achievement of certain benchmarks. As of May 5, 2019, there were 6,720 unvested units outstanding related to this grant. There were 2,060 units forfeited from this grant and no units cancelled or expired during the thirteen weeks ended May 5, 2019. A summary of the status of our unvested restricted stock units as of May 5, 2019, and changes during the thirteen weeks then ended, is presented below: Number of shares Weighted Average grant date fair value Unvested at February 3, 2019 377,286 $ 11.16 Granted 8,780 30.07 Forfeited (2,060 ) 30.07 Vested (279,325 ) 12.52 Unvested at May 5, 2019 104,681 $ 17.24 Equity based compensation expense related to the above restricted stock units was approximately $3.2 million for the thirteen weeks ended May 5, 2019 and $0.3 million for the thirteen weeks ended May 6, 2018, respectively. In the thirteen weeks ended May 5, 2019, all the unvested restricted stock units for certain senior executives of the Company vested according to the accelerated vesting trigger in their restricted stock unit agreements. The triggering event was the market capitalization of the Company post IPO, exceeding $300 million for 60 consecutive trading days and the expiration of the lockup- period. This accelerated vesting resulted in equity based compensation in the amount of $2.9 million. The total unrecognized restricted stock unit compensation cost related to non-vested awards was $495,135 as of May 5, 2019 and will be recognized in operations over a weighted average period of 2.29 years.

Employee Benefit Plan

Employee Benefit Plan	3 Months Ended
	May 05, 2019
Retirement Benefits [Abstract]
EMPLOYEE BENEFIT PLAN	NOTE 9 – EMPLOYEE BENEFIT PLAN In February 2017, the Company established The Lovesac Company 401(k) Plan (the "401(k) Plan") with Elective Deferrals beginning May 1, 2017. The Plan calls for Elective Deferral Contributions, Safe Harbor Matching Contributions and Profit Sharing Contributions. All employees of The Lovesac Company (except for union employees and nonresident aliens) will be eligible to participate in the 401(k) Plan as of the day of the month which is coincident with or next follows the date on which they attain age 21 and complete one month of service. Participants will be able to contribute up to 100% of their eligible compensation to the 401(k) Plan subject to limitations with the IRS. The employer contributions to the 401(k) Plan were $74,232 and $ 61,229 for the thirteen weeks ended May 5, 2019 and May 6, 2018, respectively.

Segment Information

Segment Information	3 Months Ended
	May 05, 2019
Segment Reporting [Abstract]
SEGMENT INFORMATION	NOTE 10 – SEGMENT INFORMATION We have determined that we operate within a single reporting segment. The chief operating decision maker of the Company is the Chief Executive Officer and President. The Company's operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas including economic characteristics, class of consumer, nature of products and distribution method and products are a singular group of products which make up over 95% of net sales. Thirteen weeks ended May 5, May 6, Sactionals $ 32,846,087 $ 16,729,322 Sacs 5,913,425 9,125,051 Accessories 2,198,851 914,425 $ 40,958,363 $ 26,768,798

Barter Arrangements

Barter Arrangements	3 Months Ended
	May 05, 2019
Barter Arrangements
BARTER ARRANGEMENTS	NOTE 11 – BARTER ARRANGEMENTS The Company entered into a bartering arrangement with Icon International, Inc., a vendor, whereas the Company provided inventory in exchange for media credits. During fiscal 2018, the Company exchanged $577,326 of inventory plus the cost of freight for certain media credits. To account for the exchange, the Company recorded the transfer of the inventory asset as a reduction of inventory and an increase to a prepaid media asset of $534,407 which is included in "Prepaid and other current assets" on the accompanying consolidated balance sheet. The Company had $307,417 of unused media credits remaining as of February 4, 2018 that were used in full during fiscal 2019. There were no additional barter arrangements entered into during fiscal 2019 or the thirteen weeks ended May 5, 2019. The Company accounts for barter transactions under ASC Topic No. 845 "Nonmonetary Transactions." Barter transactions with commercial substance are recorded at the estimated fair value of the products exchanged, unless the products received have a more readily determinable estimated fair value. Revenue associated with barter transactions is recorded at the time of the exchange of the related assets.

Revenue Recognition

Revenue Recognition	3 Months Ended
	May 05, 2019
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	NOTE 12 – REVENUE RECOGNITION We implemented ASU 2015-04, Revenue from Contracts with Customers (Accounting Standards Codification Topic 606, "ASC 606"), in the first quarter of fiscal 2020 using modified retrospective method, which required us to apply the new guidance retrospectively to revenue transactions completed on or after the effective date. Adopting this new standard had no material financial impact on our condensed consolidated financial statements but did result in enhanced presentation and disclosures. Our revenue consists substantially of product sales. We report product sales net of discounts and recognize them at the point in time when control transfers to the customer, which generally gets transferred upon shipment. Estimated refunds for returns and allowances are recorded using our historical return patterns, adjusting for any changes in returns policies. We record estimated refunds for net sales returns on a monthly basis as a reduction of net sales and cost of sales on the statement of operations and an increase in inventory and customers returns liability on the balance sheet. At May 5, 2019, there was a returns allowance recorded on the balance sheet in the amount $548,974, which was in accrued expenses and $164,083 associated with sales returns in merchandise inventories. In some cases, deposits are received before we have transferred control, resulting in contract liabilities. These contract liabilities are reported as deposits on our balance sheet. As of May 5, 2019, and February 3, 2019, we had customer deposit liabilities in the amount of $1,331,493 and $1,059,957, respectively. Upon adoption of ASC 606, we have elected the following accounting policies and practical expedients: We recognize shipping and handling expense as fulfillment activities (rather than as a promised good or service) when the activities are performed even if those activities are performed after the control of the good has been transferred. Accordingly, we record the expenses for shipping and handling activities at the same time we recognize revenue. We exclude from the measurement of the transaction price all taxes imposed on and concurrent with a specific revenue-producing transaction and collected by the entity from a customer, including sales, use, excise, value-added, and franchise taxes (collectively referred to as sales taxes). We do not adjust revenue for the effects of financing components if the contract has a duration of one year or less, as we believe that we will receive payment from the customer within one year of when we transfer control of the related goods. The Company offers its products through an inventory lean omni-channel platform that provides a seamless and meaningful experience to its customers in showrooms and through the internet. The other channel predominantly represents sales through the use of shop in shops that typically average ten days at a time and are staffed with associates trained to demonstrate and sell our product. The following represents sales disaggregated by channel: Thirteen weeks ended May 5, May 6, Showrooms $ 26,925,081 $ 18,549,403 Internet 8,458,970 4,566,487 Other 5,574,312 3,652,908 $ 40,958,363 $ 26,768,798 See Note 10 for sales disaggregated by product .

Subsequent Events

Subsequent Events	3 Months Ended
	May 05, 2019
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	NOTE 13 – SUBSEQUENT EVENTS The Company has evaluated events and transactions subsequent to May 5, 2019 through the date the condensed consolidated financial statements were issued.

Intangible Assets, Net (Tables)

Intangible Assets, Net (Tables)	3 Months Ended
	May 05, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of intangible assets	May 5, 2019 Estimated Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents 10 Years $ 1,406,738 $ (764,668 ) $ 642,071 Trademarks 3 Years 945,746 (618,306 ) 327,439 Other Intangibles 5 Years 839,623 (838,937 ) 686 Total $ 3,192,107 $ (2,221,911 ) $ 970,196 February 3, 2019 Estimated Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patents 10 Years $ 1,406,336 $ (744,715 ) $ 661,621 Trademarks 3 Years 868,586 (589,248 ) 279,338 Other Intangibles 5 Years 839,737 (838,365 ) 1,372 Total $ 3,114,659 $ (2,172,328 ) $ 942,331
Schedule of estimated future amortization expense associated with intangible assets	Remainder of Fiscal 2020 $ 222,020 2021 179,155 2022 136,734 2023 75,467 2024 75,467 2025 75,467 Thereafter 205,886 $ 970,196

Basic and Diluted Net Loss pe_2

Basic and Diluted Net Loss per Common Share (Tables)	3 Months Ended
	May 05, 2019
Earnings Per Share [Abstract]
Schedule of loss per share	For the thirteen weeks ended May 5, May 6, Numerator: Net loss - Basic and diluted $ (9,101,777 ) $ (5,683,248 ) Preferred dividends and deemed dividends - (1,901,016 ) Net loss attributable to common shares (9,101,777 ) (7,584,264 ) Denominator: Weighted average number of common shares for basic and diluted net loss per share 13,669,944 6,065,238 Basic and diluted net loss per share $ (0.67 ) $ (1.25 )

Commitments, Contingency and _2

Commitments, Contingency and Related Parties (Tables)	3 Months Ended
	May 05, 2019
Commitments and Contingencies Disclosure [Abstract]
Schedule of future minimum payments for operating leases	Remainder 2020 $ 5,844,545 2021 8,758,737 2022 7,913,400 2023 7,682,784 2024 7,407,355 2025 6,532,902 Thereafter 13,457,294 Total $ 57,597,017

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	3 Months Ended
	May 05, 2019
Equity [Abstract]
Schedule of warrant activity	Average Exercise Price Number of Warrants Weighted Average Remaining Life Warrants Outstanding at February 4, 2018 $ 17.18 930,054 3.24 Warrants issued 19.00 798,975 3.20 Expired and canceled 17.18 (930,054 ) 3.20 Exercised - - - Warrants Outstanding at May 6, 2018 $ 19.00 798,975 3.15 Warrants Outstanding at February 3, 2019 $ 16.83 1,067,475 2.93 Warrants issued 16.00 18,166 2.40 Expired and canceled - - - Exercised 16.00 (10,625 ) (2.40 ) Warrants Outstanding at May 5, 2019 $ 16.83 1,075,016 2.68
Schedule of unvested restricted stock	Number of shares Weighted Average grant date fair value Unvested at February 3, 2019 377,286 $ 11.16 Granted 8,780 30.07 Forfeited (2,060 ) 30.07 Vested (279,325 ) 12.52 Unvested at May 5, 2019 104,681 $ 17.24

Segment Information (Tables)

Segment Information (Tables)	3 Months Ended
	May 05, 2019
Segment Reporting [Abstract]
Schedule of operating segments	Thirteen weeks ended May 5, May 6, Sactionals $ 32,846,087 $ 16,729,322 Sacs 5,913,425 9,125,051 Accessories 2,198,851 914,425 $ 40,958,363 $ 26,768,798

Revenue Recognition (Tables)

Revenue Recognition (Tables)	3 Months Ended
	May 05, 2019
Notes to Financial Statements
Summary of sales disaggregated by product	Thirteen weeks ended May 5, May 6, Showrooms $ 26,925,081 $ 18,549,403 Internet 8,458,970 4,566,487 Other 5,574,312 3,652,908 $ 40,958,363 $ 26,768,798

Basis of Presentation, Operat_2

Basis of Presentation, Operations and Liquidity (Details) - USD ($)	1 Months Ended				3 Months Ended	9 Months Ended
	May 21, 2019	Oct. 31, 2018	Jun. 27, 2018	Jun. 22, 2018	May 05, 2019	Oct. 29, 2018
Basis of Presentation, Operations and Liquidity (Textual)
Business acquisition acquired, description					Pursuant to the terms of the reorganization, which was completed on March 22, 2017, SAC Acquisition LLC assigned, and the Company assumed all rights, title and interest to all assets and liabilities of SAC Acquisition, LLC, including the intellectual property that is currently owned by the Company, in exchange for 6,000,000 shares of common stock of the Company.
Retail showrooms, description					The Company operated 75 leased retail showrooms located throughout the United States. In addition, the Company operates a retail Internet website and does business to business transactions through its wholesale operations.
Immediately prior to offering, percentage		56.00%			41.00%
Immediately after completion of offering, percentage		41.00%			28.80%
Working capital	$ 25,500,000
IPO [Member]
Basis of Presentation, Operations and Liquidity (Textual)
Net proceeds from offering			58,900,000
Initial public offering, shares			4,025,000
Sale of price per share			$ 16
Reverse stock split				The board of directors of the Company approved a 1-for-2.5 reverse stock split of the Company’s shares of common stock.
Public offering, description					All the unvested restricted stock units for certain senior executives of the Company vested according to the accelerated vesting trigger in their restricted stock unit agreements. The triggering event was the market capitalization of the Company post IPO, exceeding $300 million for 60 consecutive trading days and the expiration of the lockup- period. This accelerated vesting resulted in stock compensation in the amount of $2.9 million.
IPO [Member] | Subsequent Event [Member]
Basis of Presentation, Operations and Liquidity (Textual)
Public offering, description	The Company and certain of the Company’s stockholders completed a secondary public offering (the “Secondary Offering”) of an aggregate of 2,500,000 shares of common stock, which included 750,000 shares offered by the Company and 1,750,000 shares offered by certain selling stockholders of the Company, at a public offering price of $36.00 per share. Net proceeds to the Company from the offering was approximately $25.5 million after legal and underwriting expenses. On May 29, 2019, the underwriters also exercised an option to purchase up to an additional 375,000 shares of common stock from the selling stockholders.
Secondary Offering [Member]
Basis of Presentation, Operations and Liquidity (Textual)
Initial public offering, shares						2,220,000

Intangible Assets, Net (Details

Intangible Assets, Net (Details) - USD ($)	3 Months Ended
	May 05, 2019	Feb. 03, 2019
Gross Carrying Amount	$ 3,192,107	$ 3,114,659
Accumulated Amortization	(2,221,911)	(2,172,328)
Net Carrying Amount	$ 970,196	$ 942,331
Patents [Member]
Estimated Life	10 years	10 years
Gross Carrying Amount	$ 1,406,738	$ 1,406,336
Accumulated Amortization	(764,668)	(744,715)
Net Carrying Amount	$ 642,071	$ 661,621
Trademarks [Member]
Estimated Life	3 years	3 years
Gross Carrying Amount	$ 945,746	$ 868,586
Accumulated Amortization	(618,306)	(589,248)
Net Carrying Amount	$ 327,439	$ 279,338
Other Intangibles [Member]
Estimated Life	5 years	5 years
Gross Carrying Amount	$ 839,623	$ 839,737
Accumulated Amortization	(838,937)	(838,365)
Net Carrying Amount	$ 686	$ 1,372

Intangible Assets, Net (Detai_2

Intangible Assets, Net (Details 1) - USD ($)	May 05, 2019	Feb. 03, 2019
Goodwill and Intangible Assets Disclosure [Abstract]
2020	$ 222,020
2021	179,155
2022	136,734
2023	75,467
2024	75,467
2025	75,467
Thereafter	205,886
Total	$ 970,196	$ 942,331

Intangible Assets, Net (Detai_3

Intangible Assets, Net (Details Textual) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018
Goodwill and Other Intangible Assets, Net (Textual)
Amortization expense on other intangible assets	$ 49,583	$ 38,154

Basic and Diluted Net Loss pe_3

Basic and Diluted Net Loss per Common Share (Details) - USD ($)	3 Months Ended		15 Months Ended
	May 05, 2019	May 06, 2018	May 06, 2019
Numerator:
Net loss - Basic and diluted	$ (9,101,777)	$ (5,683,248)	$ (5,683,248)
Preferred dividends and deemed dividends		(1,901,016)
Net loss attributable to common shares	$ (9,101,777)	$ (7,584,264)
Denominator:
Weighted average number of common shares for basic and diluted net loss per share	13,669,944	6,065,238
Basic and diluted net loss per share	$ (0.67)	$ (1.25)

Basic and Diluted Net Loss pe_4

Basic and Diluted Net Loss per Common Share (Details Textual) - shares	3 Months Ended
	May 05, 2019	May 06, 2018
Basic and Diluted Net Loss per Common Share (Textual)
Potentially dilutive shares	1,179,697	1,031,853
Restricted Stock Units [Member]
Basic and Diluted Net Loss per Common Share (Textual)
Potentially dilutive shares	104,681	232,878
Warrants [Member]
Basic and Diluted Net Loss per Common Share (Textual)
Potentially dilutive shares	1,075,016	798,975

Commitments, Contingency and _3

Commitments, Contingency and Related Parties (Details)	May 05, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
2020	$ 5,844,545
2021	8,758,737
2022	7,913,400
2023	7,682,784
2024	7,407,355
2025	6,532,902
Thereafter	13,457,294
Total payments	$ 57,597,017

Commitments, Contingency and _4

Commitments, Contingency and Related Parties (Details Textual) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018	Feb. 03, 2019
Commitments, Contingencies and Related Parties (Textual)
Selling, general and administrative expenses	$ 23,861,612	$ 15,194,504
Stock issued during period conversion
Operating lease agreements expiry term	The Company leases its office, warehouse facilities and retail showrooms under operating lease agreements which expire at various dates through January 2029. Monthly payments related to these leases range from $2,500 to $28,000.
Satori Capital, LLC [Member]
Commitments, Contingencies and Related Parties (Textual)
Management fees and expenses	$ 39,000
Management fees	100,000	100,000
Selling, general and administrative expenses	25,000	25,000
Mistral Capital Management, LLC [Member]
Commitments, Contingencies and Related Parties (Textual)
Amounts payable to related parties	103,443		$ 0
Blueport Commerce [Member]
Commitments, Contingencies and Related Parties (Textual)
Amounts payable to related parties	140,335		$ 93,210
Stock issued during period conversion	$ 337,496	$ 333,273

Financing Arrangements (Details

Financing Arrangements (Details) - USD ($)	May 03, 2018	Feb. 28, 2018	Feb. 06, 2018	May 05, 2019	Feb. 03, 2019
Financing Arrangements (Textual)
Deferred financing fees				$ 206,900	$ 219,071
Revolving Loan [Member]
Financing Arrangements (Textual)
Note payable term	1 month
Maturity date	Jun. 4, 2018
LIBOR rate margin, description	Bears interest at the LIBOR rate plus the applicable margin for an all-in-rate of 3.1875%.
Revolving Loan [Member] | Maximum [Member]
Financing Arrangements (Textual)
LIBOR rate				2.25%
Revolving Loan [Member] | Minimum [Member]
Financing Arrangements (Textual)
LIBOR rate				2.00%
Wells Fargo Bank, National Association [Member]
Financing Arrangements (Textual)
Line of credit with Siena Lending Group, LLC			$ 25,000,000
Maturity date			Feb. 28, 2023
Line of credit, description			The line of credit with Wells allows the Company to borrow up to $25.0 million and will mature in February 2023. Borrowings are limited to 90% of eligible credit card receivables plus 85% of eligible wholesale receivables plus 85% of the net recovery percentage for the eligible inventory multiplied by the value of such eligible inventory of the Company for the period from December 16 of each year until October 14 of the immediately following year, with a seasonal increase to 90% of the net recovery percentage for the period from October 15 of each year until December 15 of such year, seasonal advance rate, minus applicable reserves established by Wells. As of May 5, 2019, and February 3, 2019, the Company’s borrowing availability under the line of credit with Wells Fargo was $13.4 million and $11.5 million, respectively. As of May 5, 2019, and February 3, 2019, there was $0 and $31,373 outstanding on this line of credit.
Siena Lending Group, LLC [Member]
Financing Arrangements (Textual)
Line of credit with Siena Lending Group, LLC				$ 7,000,000
Maturity date				May 14, 2018
Line of credit, description				Borrowings were limited to the lesser of 75% of inventory or 85% of the net orderly liquidation value of inventory and may be reduced by certain liabilities of the Company. All amounts outstanding bore interest at the base rate, defined as the greatest of (i) Prime Rate published by The Wall Street Journal, (ii) Federal Funds Rate plus 0.5% or (iii) 3.25%, plus 3% (7.00% at February 4, 2018). The line was subject to a monthly unused line fee of 0.75%. The agreement was secured by the first lien on substantially all assets of the Company. In February 2018, the Company paid the outstanding loan balance of $405, an early termination fee of $70,000 and fully amortized the remaining deferred financing fees of $48,149 on its line of credit with Siena Lending Group, LLC.
Outstanding loan balance paid		$ 405
Termination fee		70,000
Deferred financing fees		$ 48,149

Stockholders' Equity (Details)

Stockholders' Equity (Details) - Warrants [Member] - $ / shares	3 Months Ended
	May 05, 2019	May 06, 2018
Average Exercise Price, Outstanding, Beginning balance	$ 16.83	$ 17.18
Average Exercise Price, Warrants issued	16	19
Average Exercise Price, Expired and canceled		$ 17.18
Average Exercise Price, Exercised	16
Average Exercise Price, Warrants Outstanding, Ending balance	$ 16.83	$ 19
Number of Warrants, Outstanding, Beginning balance	1,067,475	930,054
Number of Warrants, Warrants issued	18,166	798,975
Number of Warrants, Expired and canceled		(930,054)
Number of Warrants, Exercised	(10,625)
Number of Warrants, Warrants Outstanding, Ending balance	1,075,016	798,975
Weighted Average Remaining Life, Beginning balance	2 years 11 months 4 days	3 years 2 months 27 days
Weighted Average Remaining Life, Warrants issued	2 years 4 months 24 days	3 years 2 months 12 days
Weighted Average Remaining Life, Expired and canceled		3 years 2 months 12 days
Weighted Average Remaining Life, Exercised	2 years 4 months 24 days
Weighted Average Remaining Life, Warrants Outstanding, Ending balance	2 years 8 months 5 days	3 years 1 month 24 days

Stockholders' Equity (Details 1

Stockholders' Equity (Details 1) - Restricted stock [Member]	3 Months Ended
	May 05, 2019$ / sharesshares
Number of shares, Unvested, Beginning balance | shares	377,286
Number of shares, Granted | shares	8,780
Number of shares, Forfeited | shares	(2,060)
Number of shares, Vested | shares	(279,325)
Number of shares, Unvested, Ending balance | shares	104,681
Weighted average grant date fair value, Unvested, Beginning balance | $ / shares	$ 11.16
Weighted average grant date fair value, Granted | $ / shares	30.07
Weighted average grant date fair value, Forfeited | $ / shares	30.07
Weighted average grant date fair value, Vested | $ / shares	12.52
Weighted average grant date fair value, Unvested, Ending balance | $ / shares	$ 17.24

Stockholders' Equity (Details T

Stockholders' Equity (Details Textual) - USD ($)

Jun. 20, 2018

May 10, 2018

May 21, 2019

Apr. 19, 2019

Mar. 31, 2019

Jan. 31, 2019

Sep. 30, 2018

Jun. 22, 2018

Mar. 31, 2018

Oct. 31, 2017

May 05, 2019

May 06, 2018

Jun. 05, 2019

Feb. 03, 2019

Jun. 29, 2018

Apr. 30, 2018

Feb. 04, 2018

Preferred stock value

IPO [Member]

Sale of stock, description

All the unvested restricted stock units for certain senior executives of the Company vested according to the accelerated vesting trigger in their restricted stock unit agreements. The triggering event was the market capitalization of the Company post IPO, exceeding $300 million for 60 consecutive trading days and the expiration of the lockup- period. This accelerated vesting resulted in stock compensation in the amount of $2.9 million.

Reverse stock split, description

The board of directors of the Company approved a 1-for-2.5 reverse stock split of the Company’s shares of common stock.

Subsequent Event [Member] | IPO [Member]

Sale of stock, description

The Company and certain of the Company’s stockholders completed a secondary public offering (the “Secondary Offering”) of an aggregate of 2,500,000 shares of common stock, which included 750,000 shares offered by the Company and 1,750,000 shares offered by certain selling stockholders of the Company, at a public offering price of $36.00 per share. Net proceeds to the Company from the offering was approximately $25.5 million after legal and underwriting expenses. On May 29, 2019, the underwriters also exercised an option to purchase up to an additional 375,000 shares of common stock from the selling stockholders.

Warrant [Member]

Deemed dividend

$ 1,498,079

Valuation exercise price

$ 16

Institutional Investor [Member]

Aggregate gross proceeds to IPO

$ 15,000,000

2017 Equity Incentive Plan [Member]

Option award term

10 years

2017 Equity Incentive Plan [Member] | Minimum [Member]

shares of common stock reserved for issuance

604,612

420,000

2017 Equity Incentive Plan [Member] | Minimum [Member] | Subsequent Event [Member]

shares of common stock reserved for issuance

615,066

2017 Equity Incentive Plan [Member] | Maximum [Member]

shares of common stock reserved for issuance

615,066

604,612

2017 Equity Incentive Plan [Member] | Maximum [Member] | Subsequent Event [Member]

shares of common stock reserved for issuance

1,414,889

2017 Equity Incentive Plan [Member] | Restricted Stock [Member]

Stock compensation expense related to restricted stock units

3,200,000

$ 300,000

Fair value of restricted stock units

$ 1,014,046

$ 2,800,695

$ 264,015

$ 246,120

$ 250,950

$ 2,792,849

Restricted stock units, shares

68,378

188,917

8,780

10,500

10,500

258,000

Vesting date, description

Fair value of $1,014,046 of which 15,666 Restricted Stock Units, immediately vested. The vesting of the unvested Restricted Stock Units is based on both time and performance. The time and performance vesting units will vest twenty-five percent on July 1, 2019, and July 1, 2020 and between twenty-five to thirty-five percent on July 1, 2021. The performance vesting units will only vest upon the achievement of certain benchmarks. As of May 5, 2019, there were 48,084 unvested units outstanding related to this grant.

The vesting of the unvested Restricted Stock Units is based on both time and performance. The time and performance vesting units will vest fifteen percent on July 1, 2020, 25% on both July 1, 2021 and July 1, 2022 and 35% on July 1, 2023. The performance vesting units will only vest upon the achievement of certain benchmarks. As of May 5, 2019, there were 6,720 unvested units outstanding related to this grant. There were 2,060 units forfeited from this grant during the thirteen weeks ended May 5, 2019.

The time vesting units vest twenty-five percent on January 31, 2020, and twenty-five percent on January 31st of each of the following three years. The performance vesting units vest annually upon the achievement of certain benchmarks. As of May 5, 2019, there were 10,500 unvested units outstanding related to this grant. There were no units forfeited from this grant during the thirteen weeks ended May 5, 2019.

The time vesting units vest twenty-five percent on October 4, 2018, and twenty-five percent on January 31st of the following three years. The performance vesting units vest annually upon the achievement of certain benchmarks. As of May 5, 2019, there were 6,562 unvested units outstanding related to this grant. There were no units forfeited from this grant during the thirteen weeks ended May 5, 2019.

Unrecognized restricted stock unit compensation cost related to non-vested awards

$ 495,135

Restricted stock recognized in operations over weighted average period

2 years 3 months 15 days

2017 Equity Incentive Plan [Member] | Restricted Stock Units One [Member]

Fair value of restricted stock units

$ 568,356

Restricted stock units, shares

52,504

Fiscal 2018 [Member] | Mistral SAC Holdings, LLC, Satori Capital, LLC, and executive management [Member]

Purchase aggregate total shares of common stock

15,979,500

Fiscal 2019 [Member]

Restated warrants total

56,077

Fair value term

3 years

Warrants as deemed dividend

$ 408,919

Fiscal 2020 [Member]

Warrants issued

18,166

Warrants, description

the Company issued 18,166 warrants to a third party in connection with previous equity raise. These warrants were, valued using the Black-Scholes model, with similar assumptions to the June 2018 warrants. The warrants had a fair value of approximately $130,000. Of these warrants, 17,396 were exercised on May 14, 2019.

Warrant [Member]

Exercise of warrant

$ 5,138

Total warrants outstanding

1,075,016

798,975

1,067,475

930,054

Warrants canceled

930,054

Warrants issued

798,975

281,750

Valuation exercise price

$ 80,000,000

Warrants exercised

(10,625)

Employee Benefit Plan (Details)

Employee Benefit Plan (Details) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018
Employee Benefit Plan (Textual)
Contributions plan, percentage	100.00%
Contributions plan	$ 74,232	$ 61,229

Segment Information (Details)

Segment Information (Details) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018
Net sales	$ 40,958,363	$ 26,768,798
Sactionals [Member]
Net sales	32,846,087	16,729,322
Sacs [Member]
Net sales	5,913,425	9,125,051
Accessories [Member]
Net sales	$ 2,198,851	$ 914,425

Segment Information (Details Te

Segment Information (Details Textual)	3 Months Ended
	May 05, 2019
Segment Information (Textual)
Operating segments, description	Operating segments are aggregated for financial reporting purposes because they are similar in each of the following areas including economic characteristics, class of consumer, nature of products and distribution method and products are a singular group of products which make up over 95% of net sales.

Barter Arrangements (Details)

Barter Arrangements (Details)	Feb. 04, 2018USD ($)
Barter Arrangements (Textual)
Inventory	$ 577,326
Prepaid media asset	534,407
Unused media credits	$ 307,417

Revenue Recognition (Details)

Revenue Recognition (Details) - USD ($)	3 Months Ended
	May 05, 2019	May 06, 2018
Sales disaggregated by product	$ 40,958,363	$ 26,768,798
Showrooms [Member]
Sales disaggregated by product	26,925,081	18,549,403
Internet [Member]
Sales disaggregated by product	8,458,970	4,566,487
Other [Member]
Sales disaggregated by product	$ 5,574,312	$ 3,652,908

Revenue Recognition (Details Te

Revenue Recognition (Details Textual) - USD ($)	May 05, 2019	Feb. 03, 2019
Revenue Recognition
Merchandise inventories	$ 164,083
Accrued expenses	548,974
Customer deposit liability	$ 1,331,493	$ 1,059,957