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3. REVISIONS TO PREVIOUSLY ISSUED FINANCIAL STATEMENTS | 12 Months Ended
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Sep. 30, 2024
Prior Period Adjustment [Abstract] |
ErrorCorrectionTextBlock | 3. REVISIONS TO PREVIOUSLY ISSUED FINANCIAL STATEMENTS In connection with the preparation of the Company’s Consolidated Financial Statements as of and for the period ended September 30, 2024, the Company identified errors in relation to the accounting for income taxes, primarily due to the application of Internal Revenue Service (“IRS”) section 162(m) excess executive compensation and the ability to utilize federal and state net operating loss carryforwards under the provisions of Internal Revenue Code Section 382. The errors had an impact on net deferred tax liabilities and income tax expense for the fiscal year ended September 30, 2023. The error did not impact total revenues or loss before income tax expense for any of the fiscal years ended September 30, 2024, 2023 and 2022. The Company also reclassified transactions in the September 30, 2023 and 2022 consolidated statements of cash flows from cash used in operating activities to cash used in financing activities. One of the transactions related to the impact of cash receipts from shares issued under equity offerings but for which the Company has recorded receivables, which resulted an understatement of cash flows from operating activities in the amounts of $7,576 and $2,014, for the years ended September 30, 2023 and 2022, respectively, but should have been reflected as decreases in cash flows from financing activities. The second transaction relates to $5,571 of taxes paid on behalf of employees on shares withheld for net settlement of restricted stock awards at vesting date and was incorrectly recorded as cash used in operating activities, when it represented cash used in financing activities. The Company assessed the materiality of the errors, including the presentation on prior periods consolidated financial statements, on a qualitative and quantitative basis in accordance with SEC Staff Accounting Bulletin (“SAB”) No. 99, Materiality and SAB No. 108 on Quantifying Financial Statement Errors, codified in Accounting Standards Codification Topic 250, Accounting Changes and Error Corrections. The Company concluded that these errors and the related impacts did not result in a material misstatement of our previously issued consolidated financial statements as of and for the years ended September 30, 2023 and 2022 and our previously issued unaudited consolidated interim financial statements as of and for the periods ended December 31, 2021, March 31, 2022, June 30, 2022, December 31, 2022, March 31, 2023, June 30, 2023, December 31, 2023, March 31, 2024 and June 30, 2024 The Company has corrected the relevant prior periods of our consolidated financial statements and adjusted the disclosures included within Note 13 - Income Taxes, including our significant components of the Company’s deferred tax assets and liabilities. A summary of the corrections to the impacted financial statement line items from our previously issued financial statements are presented below:
Consolidated Balance Sheet |
|  | As of September 30, 2023 |
($ in thousands) |  | As previously reported |  |  | As revised |
Deferred income taxes |  | $ | 857 |  |  | $ | 2,416 |
Total liabilities |  |  | 84,351 |  |  |  | 85,910 |
Accumulated deficit |  |  | (332,643 | ) |  |  | (334,202 | )
Total stockholders' equity |  |  | 677,227 |  |  |  | 675,668 |
Consolidated Statement of Operations and Comprehensive Loss |
|  | For the year ended September 30, 2023 |
($ in thousands) |  | As previously reported |  |  | As revised |
Income tax expense |  | $ | 857 |  |  | $ | 2,416 |
Loss from continuing operations |  |  | (132,160 | ) |  |  | (133,719 | )
Net loss |  |  | (136,589 | ) |  |  | (138,148 | )
Net loss attributable to common shareholders |  |  | (136,589 | ) |  |  | (138,148 | )
Total comprehensive loss attributable to common shareholders |  |  | (136,473 | ) |  |  | (138,032 | )
Loss from continuing operations per common share |  |  |  |  |  |
Basic |  | $ | (1.29 | ) |  | $ | (1.30 | )
Diluted |  | $ | (1.29 | ) |  | $ | (1.30 | )
The consolidated statement of stockholders' equity for the year ended September 30, 2023 has been adjusted to reflect the impact to Net loss in both the accumulated deficit and total stockholders' equity columns as well as the corresponding totals in the row captioned Balance, September 30, 2023.

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