General form of registration statement for all companies including face-amount certificate companies

BASIS OF PRESENTATION (Tables)

v3.24.2
BASIS OF PRESENTATION (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2024
Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]    
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):

As of March 31, 2023 (unaudited)

    

As Previously Reported

    

Adjustments

    

As Restated

Total Liabilities

Deferred Tax Liability

$

1,170

$

(1,170)

$

Total Liabilities

19,728

(1,170)

18,558

Total Shareholders’ Equity

Additional paid-in capital

50,289

50,289

Accumulated deficit

(48,870)

1,170

(47,700)

Total shareholders’ equity

1,441

1,170

2,611

Total liabilities and shareholders’ equity

$

21,169

$

$

21,169

Three Months Ended March 31, 2023 (unaudited)

    

As Previously
Reported

    

Adjustments

    

As Restated

Operating expenses

General and administrative

$

3,211

$

$

3,211

Total operating expenses

3,523

3,523

Loss from operations

(3,344)

(3,344)

Loss before income taxes

(3,940)

(3,940)

Income tax (expense)

(374)

1,170

796

Net loss

(4,314)

1,170

(3,144)

Basic loss per share

(73.61)

19.96

(53.65)

Diluted loss per share

$

(73.61)

$

19.96

$

(53.65)

Weighted average number of shares used in per share calculation - basic

58,607

58,607

Weighted average number of shares used in per share calculation - basic

58,607

58,607

Three Months Ended March 31, 2023 (unaudited)

Net cash used in operating activities

    

As Previously

Reported

    

Adjustments

    

As Restated

Net loss

$

(4,314)

$

1,170

$

(3,144)

Income taxes

$

374

$

(1,170)

$

(796)

As of June 30, 2023 (unaudited)

   

As Previously

Reported

   

Adjustments

   

As Restated

Total Assets

Accounts Receivable, net

$

9,088

$

(381)

$

8,707

Total current assets

17,903

(381)

17,522

Total assets

20,249

(381)

19,868

Total Liabilities

Deferred Tax Liability

617

(617)

Total Liabilities

18,921

(617)

18,304

Total Shareholders’ Equity

Additional paid-in capital

55,434

(144)

55,290

Accumulated deficit

(54,132)

380

(53,752)

Total shareholders’ equity

1,328

236

1,564

Total liabilities and shareholders’ equity

$

20,249

$

(381)

$

19,868

Three Months Ended June 30, 2023 (unaudited)

    

As Previously

Reported

   

Adjustments

   

As Restated

Revenue

Professional services

$

839

$

(381)

$

458

Total revenue

1,543

(381)

1,162

Gross Margin

(1,859)

(381)

(2,240)

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)

(237)

(6,044)

Income tax (expense) benefit

545

(553)

(8)

Net loss

(5,262)

(790)

(6,052)

Basic loss per share

(29.30)

(4.40)

(33.70)

Diluted loss per share

$

(29.30)

$

(4.40)

$

(33.70)

Weighted average number of shares used in per share calculation - basic

179,575

179,575

Weighted average number of shares used in per share calculation - basic

179,575

179,575

Six Months Ended June 30, 2023 (unaudited)

    

As Previously

Reported

    

Adjustments

    

As Restated

Revenue

Professional services

$

2,713

$

(381)

$

2,332

Total revenue

5,095

(381)

4,714

Gross Margin

(1,680)

(381)

(2,061)

Operating expenses

General and administrative

6,566

(144)

6,422

Total operating expenses

7,128

(144)

6,984

Loss from operations

(8,808)

(237)

(9,045)

Loss before income taxes

(9,747)

(237)

(9,984)

Income tax (expense) benefit

171

617

788

Net loss

(9,576)

380

(9,196)

Basic loss per share

(4.45)

(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

Six Months Ended June 30, 2023 (unaudited)

Net cash used in operating activities

    

As Previously
Reported

    

Adjustments

   

As Restated

Net loss

$

(9,576)

$

380

$

(9,196)

Stock-based compensation

56

(144)

(88)

Accounts receivable

6,055

381

6,436

Income taxes

$

(198)

$

(617)

$

(815)

As of September 30, 2023 (unaudited)

    

As Previously

Reported

    

Adjustments

    

As Restated

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 (unaudited)

    

As Previously
Reported

    

Adjustments

    

As Restated

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

(88.01)

1.97

(86.04)

Diluted loss per share

$

(88.01)

$

1.97

$

(86.04)

Weighted average number of shares used in per share calculation - basic

193,334

193,334

Weighted average number of shares used in per share calculation - basic

193,334

193,334

Nine Months Ended September 30, 2023 (unaudited)

Net cash used in operating activities

    

As Previously
Reported

    

Adjustments

    

As Restated

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)

Schedule of exposure to credit risk

    

March 31, 

    

December 31, 

2023

2023

Cash

$

376

$

123

Accounts receivable, net

 

2,065

 

3,601

Total

$

2,441

$

3,724

    

December 31, 

    

December 31, 

2023

2022

Cash

$

123

$

905

Accounts receivable, net

 

3,601

 

15,143

Due from MSAs

 

 

4,913

Total

$

3,724

$

20,961