The label on the scroll says 蓬莱富士正月 (Hōrai Fuji Shōgatsu - meaning Mt. Fuji in New Year as Mt. Hōrai).
So I'm guessing it is a representation of Mt. Fuji on New Year's day, as a mythical, holy mountain (Mt. Hōrai, also known as Mt. Penglai) found in ancient Chinese literature.
One of the artist's red seals says Sōfū (宗富), which is probably a pen name.
And the seal at the left says "Made by Akira" (明造), which, I'm not sure if its another name used by the artist, or...?
I can't read the other red seal, or the black writing other than 元是蓬莱, which is something related to Mt. Hōrai. It's all a bit cryptic to me, but anyway it's equating Mt. Fuji with Mt. Horai.