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Restatement of Previously Issued Financial Statements | 6 Months Ended
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Sep. 30, 2021
Restatement of Previously Issued Financial Statements [Abstract] |
Restatement of Previously Issued Financial Statements | 2. Restatement of Previously Issued Financial Statements In connection with the preparation of the Q3 FY 22 Quarterly Report, the Company determined that it incorrectly excluded the gain in the value of its intangible assets following the non-monetary exchange of the Company’s narrowband licenses for broadband licenses in August 2021 upon approval of exchange by the Federal Communications Commission. The Company should have recorded the newly received broadband licenses at their estimated accounting cost basis and recognized the difference between the estimated accounting cost basis of the broadband licenses obtained and the carrying value of the narrowband licenses relinquished as a gain on disposal of intangible assets. Refer to Note 5 for further discussion on the exchange of the new broadband licenses. The table below sets forth the Consolidated Balance Sheet, including the balances originally reported, the adjustments and the as restated balances for the quarterly period ended September 30, 2021 (in thousands): For the period ended September 30, 2021 As Originally Reported Impact of Prior Period Errors As RevisedConsolidated Balance Sheet Intangible assets $130,886 $10,230 $141,116Accumulated deficit (284,319) 10,230 (274,089) The table below sets forth the Consolidated Statements of Operations, including the balances originally reported, the adjustments and the as restated balances for the three and six months ended September 30, 2021 (in thousands, except per share data): Three Months ended September 30, 2021 As Originally Reported Impact of Prior Period Errors As RevisedConsolidated Statement of Operation (Gain)/loss from disposal of intangible assets, net $ — $(10,230) $(10,230)Net loss (12,021) 10,230 (1,791)Net loss per common share basic and diluted (0.67) 0.57 (0.10) Six Months ended September 30, 2021 As Originally Reported Impact of Prior Period Errors As RevisedConsolidated Statement of Operation (Gain)/loss from disposal of intangible assets, net $ — $(10,230) $(10,230)Net loss (23,971) 10,230 (13,741)Net loss per common share basic and diluted (1.34) 0.57 (0.77) The table below sets forth the Consolidated Statement of Stockholders’ Equity, including the balance originally reported, the adjustments and the as restated balance for the quarterly period ended September 30, 2021 (in thousands): Accumulated Deficit Total Stockholder’s Equity Balance at September 30, 2021 (as originally reported) $ (284,319) $203,049Adjustments 10,230 10,230Balance at September 30, 2021 (as restated) (274,089) 213,279 The table below sets forth the Consolidated Statements of Cash Flows, including the balance originally reported, the adjustments and the as restated balance for the six months ended September 30, 2021 (in thousands): Six Months ended September 30, 2021 As Originally Reported Impact of Prior Period Errors As RevisedConsolidated Statement of Cash Flows Net loss $ (23,971) $10,230 $(13,741)(Gain)/loss from disposal of intangible assets — (10,230) (10,230) In addition to the restated consolidated financial statements, the information contained in Note 5 – Intangibles has been amended and restated.

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- Definition The entire disclosure for reporting error correction. + 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=124431687&loc=d3e22644-107794 + Details
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