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Revision of Previously Issued Financial Statements (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Schedule of Corrections to Impacted Financial Statements

A summary of the corrections to the impacted financial statement line items in the Company’s previously issued Condensed Consolidated Statements of Operations and Comprehensive Income, Condensed Consolidated Statements of Cash Flows and the Stockholders’ Equity tables for the quarter ended March 31, 2023, which was presented in a previously filed Quarterly Report on Form 10-Q, is as follows:

Condensed Consolidated Statements of Operations and Comprehensive Income
						Three Months Ended March 31, 2023
						As Previously Reported						Adjustments						As Revised
Operating expenses
Depreciation and amortization						$	15,474					$	(770)					$	14,704
Total operating expenses						$	25,434					$	(770)					$	24,664
Net income						$	2,397					$	770					$	3,167
Net income available to the Company						$	2,404					$	770					$	3,174
Net loss attributable to common stockholders						$	(729)					$	770					$	41
Loss per weighted average share of common stock - basic & diluted
Loss attributable to common shareholders						$	(0.02)					$	0.02					$	—
Comprehensive income
Net income						$	2,397					$	770					$	3,167
Total comprehensive loss attributable to the Company						$	(3,491)					$	770					$	(2,721)

Stockholders’ Equity
						Three Months Ended March 31, 2023
						As Previously Reported						Adjustments						As Revised
Distributions in Excess of Accumulated Earnings
Balance, beginning of period						$	(530,228)					$	1,124					$	(529,104)
Net income attributable to the Company						2,404						770						3,174
Balance, end of period						$	(542,937)					$	1,895					$	(541,042)
Total Stockholders' Equity
Balance, beginning of period						$	202,780					$	1,124					$	203,904
Net income attributable to the Company						2,404						770						3,174
Balance, end of period						$	188,987					$	1,895					$	190,882
Total Equity						$	190,628					$	1,895					$	192,523

Condensed Consolidated Statements of Cash Flows
						Three Months Ended March 31, 2023
						As Previously Reported						Adjustments						As Revised
Cash flows from operating activities:
Net income						$	2,397					$	770					$	3,167
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization						15,474						(770)						14,704

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- References

No definition available.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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