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Revision of Prior Financial Statements | 3 Months Ended
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Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
Revision of Prior Financial Statements | Revision of Prior Financial Statements During the review of the Consolidated Balance Sheet during the three months ended March 31, 2020, management noted two separate errors that impact prior periods as follows:
• | Trademarks and brand names with a carrying value of $2.8 million that were transferred in the sale of Florida Chemical to ADM on February 28, 2019 were not removed from the Consolidated Balance Sheet at the time of the sale.
• | Gross profit in intercompany inventory was not properly relieved and recorded as a reduction in cost of sales when the related inventory was sold to third parties.
The revisions discussed above impacted the financial statements as follows (in thousands):
|  | As of March 31, 2019
|  | As previously reported | Revisions | As revised
Inventories, net |  | $ | 34,358 |  | $ | 1,019 |  | $ | 35,377 |
Other intangible assets, net |  | 24,978 |  | (2,760 | ) | 22,218 |
Total Assets |  | 282,792 |  | (1,741 | ) | 281,051 |
Total Liabilities and Stockholders' Equity |  | 282,792 |  | (1,741 | ) | 281,051 |
|  | For the three months ended March 31, 2019
|  | As previously reported | Revisions | As revised
Operating expenses |  | $ | 44,599 |  | $ | (631 | ) | $ | 43,968 |
Income tax benefit |  | 774 |  | (463 | ) | 311 |
Loss from continuing operations |  | (15,380 | ) | 168 |  | (15,212 | )
Income from discontinued operations, net of tax |  | 48,372 |  | (2,298 | ) | 46,074 |
Net income |  | 32,992 |  | (2,130 | ) | 30,862 |
|  | As of June 30, 2019
|  | As previously reported | Revisions | As revised
Inventories, net |  | $ | 26,442 |  | $ | 1,204 |  | $ | 27,646 |
Other intangible assets, net |  | 24,290 |  | (2,760 | ) | 21,530 |
Total Assets |  | 263,816 |  | (1,556 | ) | 262,260 |
Total Liabilities and Stockholders' Equity |  | 263,816 |  | (1,556 | ) | 262,260 |
|  | For the three months ended June 30, 2019 |  | For the six months ended June 30, 2019
|  | As previously reported | Revisions | As revised |  | As previously reported | Revisions | As revised
Operating expenses |  | $ | 38,306 |  | $ | (185 | ) | $ | 38,121 |  |  | $ | 82,905 |  | $ | (816 | ) | $ | 82,089 |
Income tax benefit |  | 192 |  | — |  | 192 |  |  | 966 |  | (463 | ) | 503 |
Loss from continuing operations |  | (12,990 | ) | 185 |  | (12,805 | ) |  | (28,370 | ) | 353 |  | (28,017 | )
(Loss) income from discontinued operations, net of tax |  | (1,608 | ) | — |  | (1,608 | ) |  | 46,764 |  | (2,298 | ) | 44,466 |
Net (loss) income |  | (14,598 | ) | 185 |  | (14,413 | ) |  | 18,394 |  | (1,945 | ) | 16,449 |
|  | As of September 30, 2019
|  | As previously reported | Revisions | As revised
Inventories, net |  | $ | 24,333 |  | $ | 1,271 |  | $ | 25,604 |
Other intangible assets, net |  | 23,578 |  | (2,760 | ) | 20,818 |
Total Assets |  | 249,357 |  | (1,489 | ) | 247,868 |
Total Liabilities and Stockholders' Equity |  | 249,357 |  | (1,489 | ) | 247,868 |
|  | For the three months ended September 30, 2019 |  | For the nine months ended September 30, 2019
|  | As previously reported | Revisions | As revised |  | As previously reported | Revisions | As revised
Operating expenses |  | $ | 23,689 |  | $ | (67 | ) | $ | 23,622 |  |  | $ | 106,594 |  | $ | (883 | ) | $ | 105,711 |
Income tax benefit |  | 191 |  | — |  | 191 |  |  | 1,157 |  | (463 | ) | 694 |
Loss from continuing operations |  | (11,227 | ) | 67 |  | (11,160 | ) |  | (39,597 | ) | 420 |  | (39,177 | )
Income from discontinued operations, net of tax |  | 117 |  | — |  | 117 |  |  | 46,881 |  | (2,298 | ) | 44,583 |
Net (loss) income |  | (11,110 | ) | 67 |  | (11,043 | ) |  | 7,284 |  | (1,878 | ) | 5,406 |
|  | As of December 31, 2019
|  | As previously reported | Revisions | As revised
Inventories, net |  | $ | 21,697 |  | $ | 1,513 |  | $ | 23,210 |
Other intangible assets, net |  | 23,083 |  | (2,760 | ) | 20,323 |
Total Assets |  | 231,847 |  | (1,247 | ) | 230,600 |
Total Liabilities and Stockholders' Equity |  | 231,847 |  | (1,247 | ) | 230,600 |
|  | For the three months ended December 31, 2019 |  | For the year ended December 31, 2019
|  | As previously reported | Revisions | As revised |  | As previously reported | Revisions | As revised
Operating expenses |  | $ | 42,631 |  | $ | (242 | ) | $ | 42,389 |  |  | $ | 149,225 |  | $ | (1,125 | ) | $ | 148,100 |
Income tax (expense) benefit |  | (956 | ) | — |  | (956 | ) |  | 201 |  | (463 | ) | (262 | )
Loss from continuing operations |  | (37,138 | ) | 242 |  | (36,896 | ) |  | (76,735 | ) | 662 |  | (76,073 | )
(Loss) income from discontinued operations, net of tax |  | (2,425 | ) | — |  | (2,425 | ) |  | 44,456 |  | (2,298 | ) | 42,158 |
Net loss |  | (39,563 | ) | 242 |  | (39,321 | ) |  | (32,279 | ) | (1,636 | ) | (33,915 | )
Management evaluated the impact on previously issued financial statements and concluded the impact was not material.

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