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Revision (Tables) | 9 Months Ended
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Jun. 30, 2020
Prior Period Adjustment [Abstract] |
Impact of Correction of Errors on Unaudited Consolidated Balance Sheet and Statements of Operations | The impact of the correction of the errors on our unaudited consolidated balance sheet at December 31, 2019 was as follows (in thousands):
|  | As of December 31, 2019 |
|  | As Reported |  |  | Adjustment |  |  | Revised |
Current assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 10,141 |  |  | $ | — |  |  | $ | 10,141 |
Trade accounts and financing receivables, net |  |  | 35,198 |  |  |  | (7,993 | ) |  |  | 27,205 |
Inventories |  |  | 23,907 |  |  |  | — |  |  |  | 23,907 |
Property held for sale |  |  | 691 |  |  |  | — |  |  |  | 691 |
Prepaid expenses and other current assets |  |  | 1,971 |  |  |  | — |  |  |  | 1,971 |
Total current assets |  |  | 71,908 |  |  |  | (7,993 | ) |  |  | 63,915 |
Non-current inventories |  |  | 19,223 |  |  |  | — |  |  |  | 19,223 |
Rental equipment, net |  |  | 66,985 |  |  |  | — |  |  |  | 66,985 |
Property, plant and equipment, net |  |  | 31,615 |  |  |  | — |  |  |  | 31,615 |
Goodwill |  |  | 5,008 |  |  |  | — |  |  |  | 5,008 |
Other intangible assets, net |  |  | 9,630 |  |  |  | — |  |  |  | 9,630 |
Deferred cost of revenue and other assets |  |  | 807 |  |  |  | — |  |  |  | 807 |
Total assets |  | $ | 205,176 |  |  |  | (7,993 | ) |  | $ | 197,183 |
Total liabilities |  | $ | 26,461 |  |  | $ | — |  |  | $ | 26,461 |
Stockholders’ equity: |  |  |  |  |  |  |  |  |  |  |  |
Preferred stock |  |  | — |  |  |  | — |  |  |  | — |
Common stock |  |  | 137 |  |  |  | — |  |  |  | 137 |
Additional paid-in capital |  |  | 89,250 |  |  |  | — |  |  |  | 89,250 |
Retained earnings |  |  | 104,519 |  |  |  | (7,993 | ) |  |  | 96,526 |
Accumulated other comprehensive loss |  |  | (15,191 | ) |  |  | — |  |  |  | (15,191 | )
Total stockholders’ equity |  |  | 178,715 |  |  |  | (7,993 | ) |  |  | 170,722 |
Total liabilities and stockholders’ equity |  | $ | 205,176 |  |  | $ | (7,993 | ) |  | $ | 197,183 |
The impact of the correction of the error on our unaudited consolidated statement of operations for the three months ended December 31, 2019 was as follows (in thousands):
|  | Three Months Ended December 31, 2019 |
|  | As Reported |  |  | Adjustment |  |  | Revised |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 9,083 |  |  | $ | — |  |  | $ | 9,083 |
Rental |  |  | 16,615 |  |  |  | (7,993 | ) |  |  | 8,622 |
Total revenue |  |  | 25,698 |  |  |  | (7,993 | ) |  |  | 17,705 |
Cost of revenue |  |  | 15,208 |  |  |  | — |  |  |  | 15,208 |
Gross profit |  |  | 10,490 |  |  |  | (7,993 | ) |  |  | 2,497 |
Total operating expenses |  |  | 10,320 |  |  |  | — |  |  |  | 10,320 |
Income (loss) from operations |  |  | 170 |  |  |  | (7,993 | ) |  |  | (7,823 | )
Other income (expense), net |  |  | (39 | ) |  |  | — |  |  |  | (39 | )
Income (loss) before income taxes |  |  | 131 |  |  |  | (7,993 | ) |  |  | (7,862 | )
Income tax expense |  |  | 1,420 |  |  |  | — |  |  |  | 1,420 |
Net loss |  | $ | (1,289 | ) |  | $ | (7,993 | ) |  | $ | (9,282 | )
Loss per common share: |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.10 | ) |  | $ | (0.59 | ) |  | $ | (0.69 | )
Diluted |  | $ | (0.10 | ) |  | $ | (0.59 | ) |  | $ | (0.69 | )
The impact of the correction of the error on our unaudited consolidated statements of operations for the three and six months ended March 31, 2020 was as follows (in thousands):
|  | Three Months Ended March 31, 2020 |  |  | Six Months Ended March 31, 2020 |
|  | As Reported |  |  | Adjustment |  |  | Revised |  |  | As Reported |  |  | Adjustment |  |  | Revised |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Products |  | $ | 9,517 |  |  | $ | — |  |  | $ | 9,517 |  |  | $ | 18,600 |  |  | $ | — |  |  | $ | 18,600 |
Rental |  |  | 16,390 |  |  |  | — |  |  |  | 16,390 |  |  |  | 33,005 |  |  |  | (7,993 | ) |  |  | 25,012 |
Total revenue |  |  | 25,907 |  |  |  | — |  |  |  | 25,907 |  |  |  | 51,605 |  |  |  | (7,993 | ) |  |  | 43,612 |
Cost of revenue |  |  | 18,002 |  |  |  | — |  |  |  | 18,002 |  |  |  | 33,210 |  |  |  | — |  |  |  | 33,210 |
Gross profit |  |  | 7,905 |  |  |  | — |  |  |  | 7,905 |  |  |  | 18,395 |  |  |  | (7,993 | ) |  |  | 10,402 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Selling, general and administrative |  |  | 6,066 |  |  |  | — |  |  |  | 6,066 |  |  |  | 12,063 |  |  |  | — |  |  |  | 12,063 |
Research and development |  |  | 4,225 |  |  |  | — |  |  |  | 4,225 |  |  |  | 8,521 |  |  |  | — |  |  |  | 8,521 |
Change in estimated fair value of contingent consideration |  |  | 972 |  |  |  | — |  |  |  | 972 |  |  |  | 972 |  |  |  | — |  |  |  | 972 |
Bad debt expense |  |  | 8,124 |  |  |  | (7,993 | ) |  |  | 131 |  |  |  | 8,151 |  |  |  | (7,993 | ) |  |  | 158 |
Total operating expenses |  |  | 19,387 |  |  |  | (7,993 | ) |  |  | 11,394 |  |  |  | 29,707 |  |  |  | (7,993 | ) |  |  | 21,714 |
Loss from operations |  |  | (11,482 | ) |  |  | 7,993 |  |  |  | (3,489 | ) |  |  | (11,312 | ) |  |  | — |  |  |  | (11,312 | )
Other income, net |  |  | 285 |  |  |  | — |  |  |  | 285 |  |  |  | 246 |  |  |  | — |  |  |  | 246 |
Loss before income taxes |  |  | (11,197 | ) |  |  | 7,993 |  |  |  | (3,204 | ) |  |  | (11,066 | ) |  |  | — |  |  |  | (11,066 | )
Income tax expense |  |  | 607 |  |  |  | — |  |  |  | 607 |  |  |  | 2,027 |  |  |  | — |  |  |  | 2,027 |
Net loss |  | $ | (11,804 | ) |  | $ | 7,993 |  |  | $ | (3,811 | ) |  | $ | (13,093 | ) |  | $ | — |  |  | $ | (13,093 | )
Loss per common share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.87 | ) |  | $ | 0.59 |  |  | $ | (0.28 | ) |  | $ | (0.97 | ) |  | $ | — |  |  | $ | (0.97 | )
Diluted |  | $ | (0.87 | ) |  | $ | 0.59 |  |  | $ | (0.28 | ) |  | $ | (0.97 | ) |  | $ | — |  |  | $ | (0.97 | )

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22663-107794 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22658-107794 + Details
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