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Correction of immaterial errors | 9 Months Ended
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Sep. 30, 2023
Accounting Changes and Error Corrections [Abstract] |
Correction of immaterial errors | Correction of immaterial errors As reported in our Annual Report, 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 September 30, 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 September 30, 2022 was as follows:
| September 30, 2022
(In thousands) | As reported |  | Adjustment |  | As corrected
Prepaid expenses and other current assets | $ | 8,041 |  |  | $ | 341 |  |  | $ | 8,382 |
Total current assets | 135,874 |  |  | 341 |  |  | 136,215 |
Total assets | 487,679 |  |  | 341 |  |  | 488,020 |
Accrued expenses and other current liabilities | 7,778 |  |  | (340) |  |  | 7,438 |
Sales taxes payable | - |  |  | 3,810 |  |  | 3,810 |
Total current liabilities | 36,948 |  |  | 3,470 |  |  | 40,418 |
Total liabilities | 79,430 |  |  | 3,470 |  |  | 82,900 |
Accumulated deficit | (194,597) |  |  | (3,129) |  |  | (197,726) |
Total shareholders’ equity | 408,249 |  |  | (3,129) |  |  | 405,120 |
Total liabilities and shareholders’ equity | 487,679 |  |  | 341 |  |  | 488,020 |
The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Operations for the quarter ended September 30, 2022 was as follows:
| Three Months Ended September 30, 2022 |  | Nine Months Ended September 30, 2022
(In thousands, except per share and share data) | As reported |  | Adjustment |  | As corrected |  | As reported |  | Adjustment |  | As corrected
General and administrative | $ | 11,581 |  |  | $ | 335 |  |  | $ | 11,916 |  |  | $ | 34,128 |  |  | $ | 970 |  |  | $ | 35,098 |
Total operating expenses | 52,152 |  |  | 335 |  |  | 52,487 |  |  | 212,800 |  |  | 970 |  |  | 213,770 |
Operating loss | (11,405) |  |  | (335) |  |  | (11,740) |  |  | (95,300) |  |  | (970) |  |  | (96,270) |
Interest income (expense) | 10 |  |  | (25) |  |  | (15) |  |  | (181) |  |  | (69) |  |  | (250) |
Total other income, net | 849 |  |  | (25) |  |  | 824 |  |  | 786 |  |  | (69) |  |  | 717 |
Loss before income tax benefit | (10,556) |  |  | (360) |  |  | (10,916) |  |  | (94,514) |  |  | (1,039) |  |  | (95,553) |
Net loss | (9,957) |  |  | (360) |  |  | (10,317) |  |  | (89,577) |  |  | (1,039) |  |  | (90,616) |
Net loss per basic and diluted share | (0.23) |  |  | (0.01) |  |  | (0.24) |  |  | (2.11) |  |  | (0.03) |  |  | (2.14) |
The effect of the adjustments to our Unaudited Condensed Consolidated Statements of Cash Flows for the quarter ended September 30, 2022 was as follows:
| Nine Months Ended September 30, 2022
(In thousands) | As reported |  | Adjustment |  | As corrected
Net loss | $ | (89,577) |  |  | $ | (1,039) |  |  | $ | (90,616) |
Prepaid expenses and other current assets | (1,356) |  |  | (487) |  |  | (1,843) |
Sales taxes payable | - |  |  | 1,526 |  |  | 1,526 |

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- Definition The entire disclosure for reporting error correction. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7 + Details
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