| Schedule of restatement of previously issued unaudited interim 2023 financial statements |
The following tables show the Company’s unaudited condensed consolidated balance sheets as of March 31, 2023, June 30, 2023 and September 30, 2023 and the Company’s unaudited condensed consolidated income statements for the three months ended March 31, 2023, for the three and six months ended June 30, 2023 and for the three and nine months ended September 30, 2023, and the Company’s unaudited condensed consolidated statement of cash flows for the three months ended March 31, 2023, for the six months ended June 30, 2023 and for the nine months ended September 30, 2023, as previously reported, adjustments and as restated for the periods presented (amounts stated in thousands of dollars except share and per share amounts):
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As of March 31, 2023 |
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|
As Previously
Reported |
|
Adjustments |
|
As Restated |
|
|
|
(unaudited) |
Total Liabilities |
|
|
|
|
|
|
|
|
|
Deferred Tax Liability |
|
$ |
1,170 |
|
$ |
(1,170) |
|
$ |
— |
Total Liabilities |
|
|
19,728 |
|
|
(1,170) |
|
|
18,558 |
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|
|
|
|
|
|
|
|
|
Total Shareholders’ Equity |
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|
|
|
|
|
|
|
|
Additional paid-in capital |
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50,289 |
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|
— |
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|
50,289 |
Accumulated deficit |
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|
(48,870) |
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|
1,170 |
|
|
(47,700) |
Total shareholders’ equity |
|
|
1,441 |
|
|
1,170 |
|
|
2,611 |
Total liabilities and shareholders’ equity |
|
$ |
21,169 |
|
$ |
— |
|
$ |
21,169 |
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Three Months Ended March 31, 2023 |
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As Previously
Reported |
|
Adjustments |
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As Restated |
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|
(unaudited) |
Operating expenses |
|
|
|
|
|
|
|
|
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General and administrative |
|
$ |
3,211 |
|
$ |
— |
|
$ |
3,211 |
Total operating expenses |
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|
3,523 |
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|
— |
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|
3,523 |
Loss from operations |
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|
(3,344) |
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|
— |
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|
(3,344) |
Loss before income taxes |
|
|
(3,940) |
|
|
— |
|
|
(3,940) |
Income tax (expense) |
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|
(374) |
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|
1,170 |
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|
796 |
Net loss |
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|
(4,314) |
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|
1,170 |
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|
(3,144) |
Basic loss per share |
|
|
(4.09) |
|
|
1.11 |
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|
(2.98) |
Diluted loss per share |
|
$ |
(4.09) |
|
$ |
1.11 |
|
$ |
(2.98) |
Weighted average number of shares used in per share calculation - basic |
|
|
1,054,933 |
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|
— |
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|
1,054,933 |
Weighted average number of shares used in per share calculation - basic |
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|
1,054,933 |
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|
— |
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|
1,054,933 |
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|
|
|
|
|
|
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|
|
Three Months Ended March 31, 2023 |
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As Previously
Reported |
|
Adjustments |
|
As Restated |
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|
|
(unaudited) |
Net cash used in operating activities |
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|
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|
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Net loss |
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$ |
(4,314) |
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$ |
1,170 |
|
$ |
(3,144) |
Income taxes |
|
$ |
374 |
|
$ |
(1,170) |
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$ |
(796) |
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As of June 30, 2023 |
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As Previously
Reported |
|
Adjustments |
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As Restated |
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|
(unaudited) |
Total Assets |
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|
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Accounts Receivable, net |
|
$ |
9,088 |
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$ |
(381) |
|
$ |
8,707 |
Total current assets |
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17,903 |
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(381) |
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|
17,522 |
Total assets |
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|
20,249 |
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(381) |
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19,868 |
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|
|
|
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|
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Total Liabilities |
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|
|
|
|
|
|
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Deferred Tax Liability |
|
|
617 |
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|
(617) |
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|
— |
Total Liabilities |
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|
18,921 |
|
|
(617) |
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|
18,304 |
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Total Shareholders’ Equity |
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|
|
|
|
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|
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Additional paid-in capital |
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55,434 |
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(144) |
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|
55,290 |
Accumulated deficit |
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|
(54,132) |
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|
380 |
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|
(53,752) |
Total shareholders’ equity |
|
|
1,328 |
|
|
236 |
|
|
1,564 |
Total liabilities and shareholders’ equity |
|
$ |
20,249 |
|
$ |
(381) |
|
$ |
19,868 |
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Three Months Ended June 30, 2023 |
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As Previously
Reported |
|
Adjustments |
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As Restated |
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|
|
(unaudited) |
Revenue |
|
|
|
|
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Professional services |
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$ |
839 |
|
$ |
(381) |
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$ |
458 |
Total revenue |
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1,543 |
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(381) |
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|
1,162 |
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|
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Gross Margin |
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(1,859) |
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(381) |
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(2,240) |
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|
|
|
|
|
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Operating expenses |
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
3,355 |
|
|
(144) |
|
|
3,211 |
Total operating expenses |
|
|
3,605 |
|
|
(144) |
|
|
3,461 |
Loss from operations |
|
|
(5,464) |
|
|
(237) |
|
|
(5,701) |
Loss before income taxes |
|
|
(5,807) |
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|
(237) |
|
|
(6,044) |
Income tax (expense) benefit |
|
|
545 |
|
|
(553) |
|
|
(8) |
Net loss |
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|
(5,262) |
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|
(790) |
|
|
(6,052) |
Basic loss per share |
|
|
(1.63) |
|
|
(0.24) |
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|
(1.87) |
Diluted loss per share |
|
$ |
(1.63) |
|
$ |
(0.24) |
|
$ |
(1.87) |
Weighted average number of shares used in per share calculation - basic |
|
|
3,232,345 |
|
|
— |
|
|
3,232,345 |
Weighted average number of shares used in per share calculation - basic |
|
|
3,232,345 |
|
|
— |
|
|
3,232,345 |
|
|
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|
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|
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|
Six Months Ended June 30, 2023 |
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|
As Previously
Reported |
|
Adjustments |
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As Restated |
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|
|
(unaudited) |
Revenue |
|
|
|
|
|
|
|
|
|
Professional services |
|
$ |
2,713 |
|
$ |
(381) |
|
$ |
2,332 |
Total revenue |
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|
5,095 |
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(381) |
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|
4,714 |
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Gross Margin |
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(1,680) |
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|
(381) |
|
|
(2,061) |
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|
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|
|
|
|
|
|
Operating expenses |
|
|
|
|
|
|
|
|
|
General and administrative |
|
|
6,566 |
|
|
(144) |
|
|
6,422 |
Total operating expenses |
|
|
7,128 |
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(144) |
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|
6,984 |
Loss from operations |
|
|
(8,808) |
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|
(237) |
|
|
(9,045) |
Loss before income taxes |
|
|
(9,747) |
|
|
(237) |
|
|
(9,984) |
Income tax (expense) benefit |
|
|
171 |
|
|
617 |
|
|
788 |
Net loss |
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(9,576) |
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|
380 |
|
|
(9,196) |
Basic loss per share |
|
|
(4.45) |
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|
(0.24) |
|
|
(4.69) |
Diluted loss per share |
|
$ |
(4.45) |
|
$ |
(0.24) |
|
$ |
(4.69) |
Weighted average number of shares used in per share calculation - basic |
|
|
2,149,777 |
|
|
— |
|
|
2,149,777 |
Weighted average number of shares used in per share calculation - basic |
|
|
2,149,777 |
|
|
— |
|
|
2,149,777 |
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|
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|
|
Six Months Ended June 30, 2023 |
|
|
As Previously
Reported |
|
Adjustments |
|
As Restated |
|
|
|
(unaudited) |
Net cash used in operating activities |
|
|
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|
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Net loss |
|
$ |
(9,576) |
|
$ |
380 |
|
$ |
(9,196) |
Stock-based compensation |
|
|
56 |
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(144) |
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|
(88) |
Accounts receivable |
|
|
6,055 |
|
|
381 |
|
|
6,436 |
Income taxes |
|
$ |
(198) |
|
$ |
(617) |
|
$ |
(815) |
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|
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|
|
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|
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|
|
As of September 30, 2023 |
|
|
As Previously
Reported |
|
Adjustments |
|
As Restated |
|
|
|
(unaudited) |
ASSETS |
|
|
|
|
|
|
|
|
|
Accounts Receivable, net |
|
$ |
6,013 |
|
$ |
(381) |
|
$ |
5,632 |
Total current assets |
|
|
14,338 |
|
|
(381) |
|
|
13,957 |
Total assets |
|
|
15,292 |
|
|
(381) |
|
|
14,911 |
|
|
|
|
|
|
|
|
|
|
Total Liabilities |
|
|
|
|
|
|
|
|
|
Deferred Tax Liability |
|
|
616 |
|
|
(616) |
|
|
— |
Total Liabilities |
|
|
21,361 |
|
|
(616) |
|
|
20,745 |
|
|
|
|
|
|
|
|
|
|
Total Shareholders’ Equity |
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
55,475 |
|
|
(144) |
|
|
55,331 |
Accumulated deficit |
|
|
(61,571) |
|
|
379 |
|
|
(61,192) |
Total shareholders’equity |
|
|
(6,069) |
|
|
235 |
|
|
(5,834) |
Total liabilities and shareholders’ equity |
|
$ |
15,292 |
|
$ |
(381) |
|
$ |
14,911 |
|
|
|
|
|
|
|
|
|
|
|
|
Nine Months Ended September 30, 2023 |
|
|
As Previously
Reported |
|
Adjustments |
|
As Restated |
|
|
|
(unaudited) |
Operating expenses |
|
|
|
|
|
|
|
|
|
General and administrative |
|
$ |
10,105 |
|
$ |
(144) |
|
$ |
9,961 |
Total operating expenses |
|
|
10,195 |
|
|
(144) |
|
|
10,051 |
Loss from operations |
|
|
(11,967) |
|
|
(237) |
|
|
(12,204) |
Loss from continuing operations before income taxes |
|
|
(13,611) |
|
|
(237) |
|
|
(13,848) |
Income tax benefit on continuing operations |
|
|
171 |
|
|
617 |
|
|
788 |
Loss from continuing operations |
|
|
(13,440) |
|
|
380 |
|
|
(13,060) |
Loss from discontinued operations, net of tax |
|
|
(3,575) |
|
|
— |
|
|
(3,575) |
Net loss |
|
|
(17,015) |
|
|
380 |
|
|
(16,635) |
Basic loss per share |
|
|
(4.89) |
|
|
0.11 |
|
|
(4.78) |
Diluted loss per share |
|
$ |
(4.89) |
|
$ |
0.11 |
|
$ |
(4.78) |
Weighted average number of shares used in per share calculation - basic |
|
|
3,480,014 |
|
|
— |
|
$ |
3,480,014 |
Weighted average number of shares used in per share calculation - basic |
|
|
3,480,014 |
|
|
— |
|
$ |
3,480,014 |
|
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|
|
|
|
|
|
|
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|
|
Nine Months Ended September 30, 2023 |
|
|
As Previously
Reported |
|
Adjustments |
|
As Restated |
|
|
|
(unaudited) |
Net cash used in operating activities |
|
|
|
|
|
|
Net loss |
|
$ |
(17,015) |
|
$ |
(380) |
|
$ |
(17,395) |
Stock-based compensation |
|
|
(107) |
|
|
(144) |
|
|
(251) |
Accounts receivable |
|
|
9,130 |
|
|
381 |
|
|
9,511 |
Deferred income taxes |
|
$ |
(216) |
|
$ |
(617) |
|
$ |
(833) |
|