| Unaudited condensed consolidated financial statements |
The following tables reflect the impact of the restatement to the specific line items presented in the Company’s previously reported unaudited condensed consolidated financial statements as of and for the three months ended March 31, 2022.
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As Previously Reported |
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Adjustments |
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As Restated |
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Condensed Consolidated Balance Sheet: |
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March 31, 2022 |
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Contingent earnout liability |
$ |
10,852 |
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$ |
(7,709 |
) |
$ |
3,143 |
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Total liabilities |
$ |
107,886 |
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$ |
(7,709 |
) |
$ |
100,177 |
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Additional paid-in capital |
$ |
421,502 |
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$ |
20,121 |
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$ |
441,623 |
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Accumulated deficit |
$ |
(248,616 |
) |
$ |
(12,412 |
) |
$ |
(261,028 |
) |
Total stockholders’ equity |
$ |
175,492 |
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$ |
7,709 |
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$ |
183,201 |
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Total liabilities and stockholders' equity |
$ |
283,378 |
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$ |
- |
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$ |
283,378 |
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Condensed Consolidated Statements of Operations: |
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Three Months Ended March 31, 2022 |
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Change in fair value of contingent earnout liability |
$ |
517 |
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$ |
6,366 |
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$ |
6,883 |
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Total other income (expense), net |
$ |
2,154 |
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$ |
6,366 |
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$ |
8,520 |
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Loss before income taxes |
$ |
(17,868 |
) |
$ |
6,366 |
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$ |
(11,502 |
) |
Net loss |
$ |
(18,158 |
) |
$ |
6,366 |
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$ |
(11,792 |
) |
Basic and diluted net loss per share |
$ |
(0.13 |
) |
$ |
0.05 |
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$ |
(0.08 |
) |
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Condensed Consolidated Statements of Comprehensive Loss: |
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Three Months Ended March 31, 2022 |
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Net loss |
$ |
(18,158 |
) |
$ |
6,366 |
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$ |
(11,792 |
) |
Comprehensive loss |
$ |
(16,299 |
) |
$ |
6,366 |
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$ |
(9,933 |
) |
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Condensed Consolidated Statements of Changes in Stockholders' Equity (Deficit): |
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Three Months Ended March 31, 2022 |
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Additional paid-in capital |
$ |
421,502 |
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$ |
20,121 |
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$ |
441,623 |
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Accumulated deficit |
$ |
(248,616 |
) |
$ |
(12,412 |
) |
$ |
(261,028 |
) |
Total stockholders’ equity |
$ |
175,492 |
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$ |
7,709 |
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$ |
183,201 |
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Condensed Consolidated Statements of Cash Flows: |
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Three Months Ended March 31, 2022 |
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Net loss |
$ |
(18,158 |
) |
$ |
6,366 |
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$ |
(11,792 |
) |
Change in fair value of contingent earnout liability |
$ |
(517 |
) |
$ |
(6,366 |
) |
$ |
(6,883 |
) |
Net cash used in operating activities |
$ |
(14,991 |
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$ |
- |
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$ |
(14,991 |
) |
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| Summary of cash, cash equivalents, and restricted cash |
The following table shows components of cash, cash equivalents, and restricted cash reported on the Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows as of and for the three months then ended:
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March 31, |
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December 31, |
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2022 |
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2021 |
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Cash and cash equivalents |
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$ |
91,592 |
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$ |
109,256 |
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Restricted cash included in Other long-term assets |
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383 |
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389 |
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$ |
91,975 |
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$ |
109,645 |
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| Summary of customers whose revenue and accounts receivable balances |
The Company has a concentration of contractual revenue arrangements with various government agencies. The Company had the following customers whose revenue and accounts receivable balances individually represented 10% or more of the Company’s total revenue and/or accounts receivable:
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Three Months Ended March 31, |
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March 31, |
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December 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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Revenue |
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Revenue |
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Accounts
Receivable |
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Accounts
Receivable |
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Customer A |
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13 |
% |
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18 |
% |
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21 |
% |
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29 |
% |
Customer B |
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17 |
% |
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22 |
% |
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* |
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* |
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Customer C |
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* |
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23 |
% |
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* |
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12 |
% |
* Revenue and/or accounts receivable from these customers were less than 10% of total revenue and/or accounts receivable during the period.
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