Annual report pursuant to Section 13 and 15(d)

Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements

v3.22.2.2
Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements
12 Months Ended
Dec. 31, 2021
Quarterly Financial Data [Abstract]  
Restatement of Previously Issued Unaudited Condensed Consolidated Financial Statements Unaudited Condensed Consolidated Financial Statements

As described in Note 2, the Company determined it necessary to restate the accompanying consolidated annual financial statements to correct the misstatements in the periods impacted.

The following tables represent restatements to our unaudited condensed consolidated financial statements for quarterly periods in fiscal 2021 that are impacted by the errors identified in Note 2.

 

 

As Previously Reported

 

Adjustments

 

As Restated

 

Condensed Consolidated Statements of Operations:

 

 

 

 

 

 

Three Months Ended September 30, 2021

 

 

 

 

 

 

Revenue

$

9,561

 

$

-

 

$

9,561

 

Gross profit

$

4,223

 

$

-

 

$

4,223

 

Loss from operations

$

(17,372

)

$

-

 

$

(17,372

)

Change in fair value of contingent earnout liability

$

1,265

 

$

(23,407

)

$

(22,142

)

Total other income (expense), net

$

(15,060

)

$

(23,407

)

$

(38,467

)

Loss before income taxes

$

(32,432

)

$

(23,407

)

$

(55,839

)

Net loss

$

(32,701

)

$

(23,407

)

$

(56,108

)

Basic and diluted net loss per share

$

(0.49

)

$

(0.34

)

$

(0.83

)

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheet:

 

 

 

 

 

 

September 30, 2021

 

 

 

 

 

 

Total current assets

$

276,343

 

$

-

 

$

276,343

 

Total assets

$

303,563

 

$

-

 

$

303,563

 

Total current liabilities

$

45,483

 

$

-

 

$

45,483

 

Contingent earnout liability

$

77,131

 

$

3,286

 

$

80,417

 

Total liabilities

$

200,274

 

$

3,286

 

$

203,560

 

Additional paid-in capital

$

393,872

 

$

20,121

 

$

413,993

 

Accumulated deficit

$

(290,407

)

$

(23,407

)

$

(313,814

)

Total stockholders’ equity (deficit)

$

103,289

 

$

(3,286

)

$

100,003

 

 

 

 

 

 

 

 

Consolidated Statements of Operations:

 

 

 

 

 

 

Three Months Ended December 31, 2021

 

 

 

 

 

 

Revenue

$

14,985

 

$

-

 

$

14,985

 

Gross profit

$

8,658

 

$

-

 

$

8,658

 

Loss from operations

$

(24,034

)

$

-

 

$

(24,034

)

Change in fair value of contingent earnout liability

$

65,761

 

$

4,629

 

$

70,390

 

Total other income (expense), net

$

83,511

 

$

4,629

 

$

88,140

 

Income before income taxes

$

59,477

 

$

4,629

 

$

64,106

 

Net income

$

59,949

 

$

4,629

 

$

64,578

 

Basic net income per share

$

0.44

 

$

0.04

 

$

0.48

 

Diluted net income per share

$

0.38

 

$

0.03

 

$

0.41

 

 

 

 

 

 

 

 

Consolidated Balance Sheet:

 

 

 

 

 

 

December 31, 2021

 

 

 

 

 

 

Total current assets

$

131,574

 

$

-

 

$

131,574

 

Total assets

$

290,194

 

$

-

 

$

290,194

 

Total current liabilities

$

24,920

 

$

-

 

$

24,920

 

Contingent earnout liability

$

11,369

 

$

(1,343

)

$

10,026

 

Total liabilities

$

101,330

 

$

(1,343

)

$

99,987

 

Additional paid-in capital

$

418,575

 

$

20,121

 

$

438,696

 

Accumulated deficit

$

(230,458

)

$

(18,778

)

$

(249,236

)

Total stockholders’ equity (deficit)

$

188,864

 

$

1,343

 

$

190,207