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NATURE OF OPERATIONS AND SIGNIFICANT ACCOUNTING POLICIES (Tables)
 9 Months Ended
Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
SCHEDULE OF EFFECTS OF THE RESTATEMENT TO AMOUNTS IN THE PREVIOUSLY REPORTED CONSOLIDATED FINANCIAL STATEMENTS

The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of operations and comprehensive loss (in thousands, except for per share data):

 

             
   For the three months ended September 30, 2022 
Condensed Consolidated Statement of Operations and Comprehensive Loss  As Reported   Adjustment   As Revised 
             
Change in fair value of warrant liabilities  $—   $3,050   $3,050 
Net loss  $(9,484)  $3,050   $(6,434)
Net loss attributable to Common Shareholders  $(9,484)  $3,050   $(6,434)
Basic and diluted loss per common share  $(1.48)  $0.48   $(1.00)
Comprehensive loss  $(9,494)  $3,050   $(6,444)

 

             
   For the nine months ended September 30, 2022 
Condensed Consolidated Statement of Operations and Comprehensive Loss  As Reported   Adjustment   As Revised 
             
Change in fair value of warrant liabilities  $—   $5,995   $5,995 
Net loss  $(38,570)  $5,995   $(32,575)
Net loss attributable to Common Shareholders  $(42,352)  $5,995   $(36,357)
Basic and diluted loss per common share  $(7.05)  $1.00  $(6.05)
Comprehensive loss  $(42,369)  $5,995   $(36,374)

 

The following tables present the effects of the correction of the prior period error to the condensed consolidated statement of stockholders’ equity (in thousands):

 

   As of September 30, 2022 
Condensed Consolidated Statement of Stockholders’ Equity  As Reported   Adjustment   As Revised 
             
Additional paid-in capital, December 31, 2021  $705,570   $(9,007)  $696,563 
Total stockholders’ equity, December 31, 2021  $51,375   $(9,007)  $42,368 
Additional paid-in capital, June 30, 2022  $703,379   $(9,007)  $694,372 
Accumulated deficit, June 30, 2022  $(684,726)  $2,945   $(681,781)
Total stockholders’ equity, June 30, 2022  $20,086   $(6,062)  $14,024 
Net loss for the three months ended September 30, 2022  $(9,484)  $3,050   $(6,434)
Net loss for the nine months ended September 30, 2022  $(38,570)  $5,995   $(32,575)
Additional paid-in capital, September 30, 2022  $709,590   $(9,007)  $700,583 
Accumulated deficit, September 30, 2022  $(694,210)  $5,995   $(688,215)
Total stockholders’ equity, September 30, 2022  $15,413   $(3,012)  $12,401 

 

 

The following tables present the effects of the correction of the prior period error to the condensed consolidated cash flow statement (in thousands):

 

   For the nine months ended September 30, 2022 
Condensed Consolidated Cash Flow Statement  As Reported   Adjustment   As Revised 
             
Net loss  $(38,570)  $5,995   $(32,575)
Adjustments to reconcile net loss to cash used in operating activities:               
Change in fair value of warrant liabilities  $—   $(5,995)  $(5,995)
Net cash used in operating activities  $(29,491)  $—   $(29,491)
SCHEDULE OF ANTI-DILUTIVE SECURITIES EXCLUDED FROM COMPUTATION OF EARNINGS PER SHARE

   2023   2022 
   For the three and nine months ended September 30, 
   2023   2022 
         
Stock options   223,323    242,644 
Restricted stock   2,308,924    821,269 
Warrants   9,397,879    1,788,000 
Total   11,930,126    2,851,913