XML 47 R34.htm IDEA: XBRL DOCUMENT v3.21.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2020
Accounting Policies [Abstract]  
Summary of Revised Consolidated Statement of Operations and Balance Sheets

During the fourth quarter of FY 2020, the Company determined certain income tax transactions as well as previously identified expense and equity transactions were incorrectly recorded by the Company in the fourth quarter of FY2019 in the Company’s consolidated financial statements and have been corrected in the consolidated financial statements included in this Form 10-K. Management evaluated the materiality of these errors from a quantitative and qualitative perspective and concluded that the adjustments related to these transactions individually and in aggregate were not material to any of the Company’s previously issued financial statements and disclosures.  However, the cumulative impact of these out-of-period adjustments were material to the financial statements for the three and twelve months ended December 31, 2020. Accordingly, no amendments to previously filed reports are deemed necessary. A summary of the effects of these revisions for FY 2019 and 2020 quarterly financial statements are presented below. The information in the tables below represent the statement of operations and balance sheet line items affected by the revisions. There was no impact to net cash provided by operating activities in in any period. The financial information included in the accompanying financial statements and notes thereto reflect the effects of the corrections and other adjustments described in the preceding discussion and following tables.

 

Revised Consolidated Statement of Operations (in thousands, except earnings per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the Twelve Months Ended December 31, 2019

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

Selling, general and administrative expenses

 

$

83,996

 

 

$

752

 

 

$

84,748

 

 

Operating Income (loss)

 

 

(30,780

)

 

 

(752

)

 

 

(31,532

)

 

Interest expense

 

 

57,264

 

 

 

(343

)

 

 

56,921

 

 

Loss before income taxes

 

 

(93,833

)

 

 

(409

)

 

 

(94,242

)

 

Provision for income taxes

 

 

8,083

 

 

 

(2,400

)

 

 

5,683

 

 

Net loss

 

 

(101,916

)

 

 

1,991

 

 

 

(99,925

)

 

Net loss per share - basic and diluted

 

$

(10.56

)

 

$

0.19

 

 

$

(10.37

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revised Consolidated Balance Sheets (in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2019

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

Accounts payable and accrued expenses

 

$

51,503

 

 

$

(1,991

)

 

$

49,512

 

 

Total current liabilities

 

 

131,955

 

 

 

(1,991

)

 

 

129,964

 

 

Redeemable Non-Controlling Interest

 

 

34,461

 

 

 

(1,392

)

 

 

33,069

 

 

Accumulated deficit

 

 

(429,117

)

 

 

1,991

 

 

 

(427,126

)

 

Non-Controlling Interest

 

 

26,521

 

 

 

1,392

 

 

 

27,913

 

 

Total Stockholders' Deficit

 

 

(256,359

)

 

 

3,383

 

 

 

(252,976

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revised Consolidated Statement of Operations (in thousands, except earnings per share data)

 

For the Three Months Ended March 31, 2020

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

Interest expense

 

$

16,713

 

 

$

343

 

 

$

17,056

 

 

Net loss

 

 

(20,658

)

 

 

(343

)

 

 

(21,001

)

 

Net loss per share - basic and diluted

 

$

(1.86

)

 

$

(0.03

)

 

$

(1.89

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revised Consolidated Statement of Operations (in thousands, except earnings per share data)

 

For the Three Months Ended June 30, 2020

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

Selling, general and administrative expenses

 

$

14,978

 

 

$

(216

)

 

$

14,762

 

 

Operating Income (loss)

 

 

3,549

 

 

 

216

 

 

 

3,765

 

 

Net loss

 

 

(15,680

)

 

 

216

 

 

 

(15,464

)

 

Net loss per share - basic and diluted

 

$

(1.46

)

 

$

0.02

 

 

$

(1.44

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revised Consolidated Statement of Operations (in thousands, except earnings per share data)

 

For the Six Months Ended June 30, 2020

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

Selling, general and administrative expenses

 

$

32,128

 

 

$

(216

)

 

$

31,912

 

 

Operating Income (loss)

 

 

(1,303

)

 

 

216

 

 

 

(1,087

)

 

Interest expense

 

 

33,760

 

 

 

343

 

 

 

34,103

 

 

Net loss

 

 

(36,339

)

 

 

(127

)

 

 

(36,466

)

 

Net loss per share - basic and diluted

 

$

(3.32

)

 

$

(0.01

)

 

$

(3.33

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revised Consolidated Statement of Operations (in thousands, except earnings per share data)

 

For the Nine Months Ended September 30, 2020

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

Selling, general and administrative expenses

 

$

42,043

 

 

$

(216

)

 

$

41,827

 

 

Operating Income (loss)

 

 

65,047

 

 

 

216

 

 

 

65,263

 

 

Interest expense

 

 

52,249

 

 

 

343

 

 

 

52,592

 

 

Net Income (loss)

 

 

10,363

 

 

 

(127

)

 

 

10,236

 

 

Earnings (loss) per share - basic

 

$

0.55

 

 

$

(0.01

)

 

$

0.54

 

 

Earnings (loss)  per share - diluted

 

$

0.37

 

 

$

—

 

 

$

0.37