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Note 2 - Restatement of Previously Issued Financial Statements | 12 Months Ended
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Dec. 31, 2020
Notes to Financial Statements |
Accounting Changes and Error Corrections [Text Block] |
NOTE 2. | Restatement of Previously Issued Financial Statements
We previously accounted for our investment in Yellowstone under the equity method of accounting. In light of the Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”) issued by the staff of the SEC dated April 12, 2021 (the “SEC Staff Statement”), the Company re-evaluated its accounting for its investment in Yellowstone under Accounting Standards Codification 810, Consolidation. Based on our evaluation of the facts and circumstances, we concluded that our investment in Yellowstone, which provides us with the right, among others, to appoint the board members of Yellowstone, represents a controlling financial interest in the entity requiring consolidation of the entity. As a result, we are reclassifying our investment in Yellowstone to reflect the full consolidation of Yellowstone. Our previously recognized investment in Yellowstone, which consisted of shares of Yellowstone's Class B common stock accounted for under the equity method of accounting as well as warrants to purchase shares of Yellowstone's Class A common stock which were accounted for as derivative assets recorded at fair value, is now eliminated in consolidation. We are also correcting an error within our Statement of Cash Flows relating to the reporting of funds held as collateral to present them as restricted cash with the associated cash inflows included within cash flows from financing activities. The funds held as collateral reside within money market accounts and we are restricted as to their use, but the funds meet the definition of cash and cash equivalents and should be reported within the statement of cash flows. The below table summarizes the effect of the restatement on each financial statement line item as of the date, and for the period, indicated. The effects of the restatement are incorporated within Notes 3, 4, 7, 9, 10, 11, 16, 18 and 19 to the financial statements.
|  | December 31, 2020 |
|  | As Previously |  |  |  |  |  |  |  |  |
|  | Reported |  |  | Adjustments |  |  | As Restated |
Balance Sheet |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 43,543,778 |  |  | $ | 1,122,194 |  |  | $ | 44,665,972 |
Investments held in trust - special purpose acquisition company |  |  | - |  |  |  | 138,716,226 |  |  |  | 138,716,226 |
Prepaid expenses |  |  | 1,794,155 |  |  |  | 403,187 |  |  |  | 2,197,342 |
Total Current Assets |  |  | 188,807,710 |  |  |  | 140,241,607 |  |  |  | 329,049,317 |
Investments |  |  | 24,234,782 |  |  |  | (4,786,263 | ) |  |  | 19,448,519 |
Investments in unconsolidated affiliates |  |  | 25,315,696 |  |  |  | (4,401,800 | ) |  |  | 20,913,896 |
Total Other Assets |  |  | 272,337,903 |  |  |  | (9,188,066 | ) |  |  | 263,149,837 |
Total Assets |  |  | 509,653,885 |  |  |  | 131,053,541 |  |  |  | 640,707,426 |
Accounts payable and accrued expenses |  |  | 6,361,778 |  |  |  | 463,303 |  |  |  | 6,825,081 |
Deferred underwriting fee payable |  |  | - |  |  |  | 4,759,615 |  |  |  | 4,759,615 |
Total Current Liabilities |  |  | 28,647,331 |  |  |  | 5,222,918 |  |  |  | 33,870,249 |
Warrants liability |  |  | - |  |  |  | 8,431,315 |  |  |  | 8,431,315 |
Total liabilities |  |  | 100,459,787 |  |  |  | 13,654,233 |  |  |  | 114,114,020 |
Redeemable Noncontrolling interest |  |  | 6,318,389 |  |  |  | 138,708,760 |  |  |  | 145,027,149 |
Accumulated deficit |  |  | (21,356,164 | ) |  |  | (21,309,452 | ) |  |  | (42,665,616 | )
Total Stockholders' Equity (Deficit) |  | $ | 402,875,709 |  |  | $ | (21,309,452 | ) |  | $ | 381,566,257 |
Statement of Operations |  |  |  |  |  |  |  |  |  |  |  |
Professional fees |  | $ | 3,530,278 |  |  | $ | 656,563 |  |  | $ | 4,186,841 |
General and administrative |  |  | 6,283,582 |  |  |  | 312,290 |  |  |  | 6,595,872 |
Total Costs and Expenses |  |  | 49,769,517 |  |  |  | 968,853 |  |  |  | 50,738,370 |
Net Loss from Operations |  |  | (4,026,054 | ) |  |  | (968,853 | ) |  |  | (4,994,907 | )
Equity in income (loss) of unconsolidated affiliates |  |  | 5,187,159 |  |  |  | 388,412 |  |  |  | 5,575,571 |
Unrealized (loss) gain on securities |  |  | (8,260,941 | ) |  |  | (2,138,991 | ) |  |  | (10,399,932 | )
Gain on disposition of investments |  |  | 5,701,909 |  |  |  | 12,298 |  |  |  | 5,714,207 |
Remeasurement of warrant liability |  |  | - |  |  |  | (217,582 | ) |  |  | (217,582 | )
Income (Loss) Before Income Taxes |  |  | 496,464 |  |  |  | (2,924,716 | ) |  |  | (2,428,252 | )
Noncontrolling interest in subsidiary (income) loss |  |  | (40,681 | ) |  |  | 2,419,844 |  |  |  | 2,379,163 |
Net income (loss) Attributable to Common Stockholders |  |  | 455,783 |  |  |  | (504,872 | ) |  |  | (49,089 | )
Basic and Diluted Net Loss per Share |  | $ | 0.02 |  |  | $ | (0.02 | ) |  | $ | 0.00 |
Statement of Cash Flows |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 496,464 |  |  | $ | (2,924,716 | ) |  | $ | (2,428,252 | )
Equity in earnings of unconsolidated affiliates |  |  | (5,187,159 | ) |  |  | (388,412 | ) |  |  | (5,575,571 | )
Unrealized losses (gains) on securities |  |  | 8,260,941 |  |  |  | 2,138,991 |  |  |  | 10,399,932 |
Remeasurement of warrant liability |  |  | - |  |  |  | 217,582 |  |  |  | 217,582 |
Issuance costs related to warrant liability |  |  | - |  |  |  | 509,899 |  |  |  | 509,899 |
Gain on disposition of investments |  |  | (5,701,909 | ) |  |  | (12,298 | ) |  |  | (5,714,207 | )
Prepaid expenses |  |  | (353,930 | ) |  |  | (403,187 | ) |  |  | (757,117 | )
Accounts payable and accrued expenses |  |  | 276,806 |  |  |  | 463,306 |  |  |  | 740,112 |
Net Cash Provided by Operating Activities |  |  | 5,573,281 |  |  |  | (398,835 | ) |  |  | 5,174,446 |
Purchase of Yellowstone warrants |  |  | (7,719,779 | ) |  |  | 7,719,779 |  |  |  | - |
Investment in unconsolidated affiliates |  |  | (5,715,625 | ) |  |  | (284,375 | ) |  |  | (6,000,000 | )
Proceeds from sales of investments |  |  | 513,815,641 |  |  |  | 265,999,999 |  |  |  | 779,815,640 |
Purchase of investments |  |  | (488,315,757 | ) |  |  | (404,701,849 | ) |  |  | (893,017,606 | )
Net Cash Used in Investing Activities |  |  | (38,133,518 | ) |  |  | (131,266,446 | ) |  |  | (169,399,964 | )
Proceeds from issuance of stock within SPAC |  |  | - |  |  |  | 135,988,980 |  |  |  | 135,988,980 |
Receipt of funds held as collateral |  |  | - |  |  |  | 10,006,075 |  |  |  | 10,006,075 |
Offering costs within SPAC |  |  | - |  |  |  | (3,201,505 | ) |  |  | (3,201,505 | )
Net Cash Provided by Financing Activities |  |  | 60,012,252 |  |  |  | 142,793,550 |  |  |  | 202,805,802 |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash |  | $ | 27,452,015 |  |  | $ | 11,128,269 |  |  | $ | 38,580,284 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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