REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTS |
REVISION OF PRIOR YEAR INTERIM FINANCIAL STATEMENTS During the course of preparing the Company's consolidated financial statements for the year ended December 31, 2022, we identified that stock-based compensation expense related to the PSU awards with market conditions was erroneously reversed when those PSUs were forfeited. Due to the error, general and administrative expense was understated by $1.9 million and $3.5 million for the three and six months ended June 30, 2022. Although the Company has determined that the error did not have a material impact on its previously issued interim consolidated financial statements, it revised the previously reported interim financial information in conjunction with the issuance of its quarterly filings on Form 10-Q for the quarter ended June 30, 2023. The errors had no net impact on cash flows from operating, investing or financing activities in the consolidated statement of cash flows. The following tables set forth the effects of the revisions of previously issued unaudited quarterly consolidated financial statements to correct for prior period errors. | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Table 20.1: Impact of the Correction to the Unaudited Consolidated Statement of Operations | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | As Previously Reported | | Adjustment | | As Revised | | As Previously Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | (in thousands, except per share data) | General and administrative | $ | 23,865 | | | $ | 1,870 | | | $ | 25,735 | | | $ | 46,788 | | | $ | 3,503 | | | $ | 50,291 | | Total selling, general and administrative expenses | 33,095 | | | 1,870 | | | 34,965 | | | 66,700 | | | 3,503 | | | 70,203 | | Operating loss | (12,166) | | | (1,870) | | | (14,036) | | | (26,900) | | | (3,503) | | | (30,403) | | Loss before income taxes | (12,235) | | | (1,870) | | | (14,105) | | | (27,147) | | | (3,503) | | | (30,650) | | Net loss | (12,289) | | | (1,870) | | | (14,159) | | | (27,272) | | | (3,503) | | | (30,775) | | | | | | | | | | | | | | Net loss per share, basic | $ | (0.18) | | | $ | (0.03) | | | $ | (0.21) | | | $ | (0.40) | | | $ | (0.05) | | | $ | (0.45) | | Net loss per share, diluted | (0.18) | | | (0.03) | | | (0.21) | | | (0.40) | | | (0.05) | | | (0.45) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Table 20.2: Impact of the Correction to the Unaudited Consolidated Statement of Comprehensive Loss | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | As Previously Reported | | Adjustment | | As Revised | | As Previously Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | (in thousands) | Net loss | $ | (12,289) | | | $ | (1,870) | | | $ | (14,159) | | | $ | (27,272) | | | $ | (3,503) | | | $ | (30,775) | | Comprehensive loss | (12,300) | | | (1,870) | | | (14,170) | | | (27,254) | | | (3,503) | | | (30,757) | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Table 20.3: Impact of the Correction to the Unaudited Consolidated Statement of Changes in Stockholders' Equity | | Three Months Ended June 30, 2022 | | Six Months Ended June 30, 2022 | | As Previously Reported | | Adjustment | | As Revised | | As Previously Reported | | Adjustment | | As Revised | | | | | | | | | | | | | | (in thousands) | Additional paid-in capital, beginning | $ | 376,913 | | | $ | 1,633 | | | $ | 378,546 | | | $ | 367,153 | | | $ | — | | | $ | 367,153 | | Stock-based compensation | 14,553 | | | 1,870 | | | 16,423 | | | 27,200 | | | 3,503 | | | 30,703 | | Additional paid-in capital, end | 388,464 | | | 3,503 | | | 391,967 | | | 388,464 | | | 3,503 | | | 391,967 | | | | | | | | | | | | | | Accumulated deficit, beginning | $ | (201,960) | | | $ | (1,633) | | | $ | (203,593) | | | $ | (186,977) | | | $ | — | | | $ | (186,977) | | Net loss | (12,289) | | | (1,870) | | | (14,159) | | | (27,272) | | | (3,503) | | | (30,775) | | Accumulated deficit, end | (214,249) | | | (3,503) | | | (217,752) | | | (214,249) | | | (3,503) | | | (217,752) | |
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