Revision of Previously Issued Consolidated Financial Statements (Tables)

6 Months Ended

Jun. 30, 2024

Revision of Previously Issued Consolidated Financial Statements

Schedule of the impact of the Revision on the Company's consolidated financial statements

The impact of the Revision on the Company’s consolidated financial statements as of and for the three months ended March 31, 2024 are reflected below (dollars in thousands):

	As Previously		Revision
	Reported		Impact		As Revised
Consolidated Balance Sheet
Losses in excess of investment in unconsolidated joint venture	$	792	$	(792)	$	—
Total liabilities	$	3,505	$	(792)	$	2,713
Accumulated deficit	$	(87,844)	$	792	$	(87,052)
Total stockholders' equity	$	2,658	$	792	$	3,450
Total liabilities and stockholders' equity	$	6,163	$	—	$	6,163
Consolidated Statement of Operations and Comprehensive Income
Equity in net loss from unconsolidated joint venture	$	(6,754)	$	792	$	(5,962)
Income before taxes	$	8,147	$	792	$	8,939
Net income attributable to common stockholders	$	8,061	$	792	$	8,853
Comprehensive income attributable to common stockholders	$	8,181	$	792	$	8,973
Income per share - basic and diluted	$	0.15	$	0.02	$	0.17
Consolidated Statement of Cash Flows
Net Income attributable to common stockholders	$	8,061	$	792	$	8,853
Equity in net loss from unconsolidated joint ventures	$	6,754	$	(792)	$	5,962
Net cash used in operating activities	$	(4,454)	$	—	$	(4,454)