| 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.
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As Previously Reported |
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Adjustments |
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As Restated |
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Condensed Consolidated Statements of Operations: |
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Three Months Ended September 30, 2021 |
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Revenue |
$ |
9,561 |
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$ |
- |
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$ |
9,561 |
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Gross profit |
$ |
4,223 |
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$ |
- |
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$ |
4,223 |
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Loss from operations |
$ |
(17,372 |
) |
$ |
- |
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$ |
(17,372 |
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Change in fair value of contingent earnout liability |
$ |
1,265 |
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$ |
(23,407 |
) |
$ |
(22,142 |
) |
Total other income (expense), net |
$ |
(15,060 |
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$ |
(23,407 |
) |
$ |
(38,467 |
) |
Loss before income taxes |
$ |
(32,432 |
) |
$ |
(23,407 |
) |
$ |
(55,839 |
) |
Net loss |
$ |
(32,701 |
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$ |
(23,407 |
) |
$ |
(56,108 |
) |
Basic and diluted net loss per share |
$ |
(0.49 |
) |
$ |
(0.34 |
) |
$ |
(0.83 |
) |
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Condensed Consolidated Balance Sheet: |
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September 30, 2021 |
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Total current assets |
$ |
276,343 |
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$ |
- |
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$ |
276,343 |
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Total assets |
$ |
303,563 |
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$ |
- |
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$ |
303,563 |
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Total current liabilities |
$ |
45,483 |
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$ |
- |
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$ |
45,483 |
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Contingent earnout liability |
$ |
77,131 |
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$ |
3,286 |
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$ |
80,417 |
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Total liabilities |
$ |
200,274 |
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$ |
3,286 |
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$ |
203,560 |
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Additional paid-in capital |
$ |
393,872 |
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$ |
20,121 |
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$ |
413,993 |
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Accumulated deficit |
$ |
(290,407 |
) |
$ |
(23,407 |
) |
$ |
(313,814 |
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Total stockholders’ equity (deficit) |
$ |
103,289 |
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$ |
(3,286 |
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$ |
100,003 |
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Consolidated Statements of Operations: |
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Three Months Ended December 31, 2021 |
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Revenue |
$ |
14,985 |
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$ |
- |
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$ |
14,985 |
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Gross profit |
$ |
8,658 |
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$ |
- |
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$ |
8,658 |
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Loss from operations |
$ |
(24,034 |
) |
$ |
- |
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$ |
(24,034 |
) |
Change in fair value of contingent earnout liability |
$ |
65,761 |
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$ |
4,629 |
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$ |
70,390 |
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Total other income (expense), net |
$ |
83,511 |
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$ |
4,629 |
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$ |
88,140 |
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Income before income taxes |
$ |
59,477 |
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$ |
4,629 |
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$ |
64,106 |
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Net income |
$ |
59,949 |
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$ |
4,629 |
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$ |
64,578 |
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Basic net income per share |
$ |
0.44 |
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$ |
0.04 |
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$ |
0.48 |
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Diluted net income per share |
$ |
0.38 |
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$ |
0.03 |
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$ |
0.41 |
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Consolidated Balance Sheet: |
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December 31, 2021 |
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Total current assets |
$ |
131,574 |
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$ |
- |
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$ |
131,574 |
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Total assets |
$ |
290,194 |
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$ |
- |
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$ |
290,194 |
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Total current liabilities |
$ |
24,920 |
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$ |
- |
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$ |
24,920 |
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Contingent earnout liability |
$ |
11,369 |
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$ |
(1,343 |
) |
$ |
10,026 |
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Total liabilities |
$ |
101,330 |
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$ |
(1,343 |
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$ |
99,987 |
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Additional paid-in capital |
$ |
418,575 |
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$ |
20,121 |
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$ |
438,696 |
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Accumulated deficit |
$ |
(230,458 |
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$ |
(18,778 |
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$ |
(249,236 |
) |
Total stockholders’ equity (deficit) |
$ |
188,864 |
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$ |
1,343 |
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$ |
190,207 |
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