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Note 2 - Correction of Immaterial Errors | 3 Months Ended
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Mar. 31, 2023
Notes to Financial Statements |
Error Correction [Text Block] |
2. | Correction of immaterial errors
As reported in our Annual Report as of and for the fiscal year ended December 31, 2022, we determined that an error existed in our previously issued consolidated financial statements. Specifically, we identified we had established nexus in several jurisdictions beginning in the year ended December 31, 2019 in which we were not collecting and remitting sales taxes appropriately. The error was evaluated and recorded as of each period impacted by the error under the SEC guidance on evaluating the materiality of prior period misstatements to the Company’s financial statements. We evaluated the error and concluded that it was not material to any previously issued consolidated financial statements and accompanying Unaudited Condensed Consolidated financial statements. Although the error was not material to any period, we corrected the accompanying historical Unaudited Condensed Consolidated financial statements for each period impacted. The corrections to the quarter ended March 31, 2022 are presented below to reflect the sales tax liability and associated expenses owed within the period for comparative purposes. The effect of the adjustments to our Unaudited Condensed Consolidated Balance Sheet as of March 31, 2022 was as follows:
|  | March 31, 2022 |
(In thousands) |  | As reported |  |  | Adjustment |  |  | As corrected |
Prepaid expenses and other current assets |  | $ | 4,757 |  |  | $ | 267 |  |  | $ | 5,024 |
Total current assets |  |  | 118,701 |  |  |  | 267 |  |  |  | 118,968 |
Total assets |  |  | 544,012 |  |  |  | 267 |  |  |  | 544,279 |
Accrued expenses and other current liabilities |  |  | 6,966 |  |  |  | (233 | ) |  |  | 6,733 |
Sales taxes payable |  |  | - |  |  |  | 2,945 |  |  |  | 2,945 |
Total current liabilities |  |  | 35,040 |  |  |  | 2,712 |  |  |  | 37,752 |
Total liabilities |  |  | 65,492 |  |  |  | 2,712 |  |  |  | 68,204 |
Accumulated deficit |  |  | (112,086 | ) |  |  | (2,445 | ) |  |  | (114,531 | )
Total shareholders’ equity |  |  | 478,520 |  |  |  | (2,445 | ) |  |  | 476,075 |
Total liabilities and shareholders’ equity |  |  | 544,012 |  |  |  | 267 |  |  |  | 544,279 |
The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Operations for the quarter ended March 31, 2022 was as follows:
|  | Three Months Ended March 31, 2022 |
(In thousands, except per share and share data) |  | As reported |  |  | Adjustment |  |  | As corrected |
General and administrative |  | $ | 11,196 |  |  | $ | 334 |  |  | $ | 11,530 |
Total operating expenses |  |  | 43,853 |  |  |  | 334 |  |  |  | 44,187 |
Operating loss |  |  | (7,633 | ) |  |  | (334 | ) |  |  | (7,967 | )
Interest expense |  |  | (163 | ) |  |  | (21 | ) |  |  | (184 | )
Total other expense, net |  |  | (32 | ) |  |  | (21 | ) |  |  | (53 | )
Loss before income tax benefit |  |  | (7,665 | ) |  |  | (355 | ) |  |  | (8,020 | )
Net loss |  |  | (7,066 | ) |  |  | (355 | ) |  |  | (7,421 | )
Net loss per basic and diluted share |  |  | (0.17 | ) |  |  | (0.01 | ) |  |  | (0.18 | )
The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Cash flows for the quarter ended March 31, 2022 was as follows:
|  | Three Months Ended March 31, 2022 |
(In thousands) |  | As reported |  |  | Adjustment |  |  | As corrected |
Net loss |  | $ | (7,066 | ) |  | $ | (355 | ) |  | $ | (7,421 | )
Prepaid expenses and other current assets |  |  | (25 | ) |  |  | (1,188 | ) |  |  | (1,213 | )
Sales taxes payable |  |  | - |  |  |  | 1,543 |  |  |  | 1,543 |

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