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Document and Entity Information - shares | 6 Months Ended |
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Jun. 30, 2018 | Aug. 01, 2018
Document And Entity Information |  |
Document Type | 10-Q/A |
Amendment Flag | true |
Amendment Description | As previously disclosed, on November 7, 2018, the Audit Committee of our Board of Directors, in consultation with management and our independent registered public accounting firm, concluded that our previously issued Condensed Financial Statements for the second quarter of 2018, needed to be restated. Accordingly, within this report, we have included restated unaudited quarterly financial statements for the quarter ended June 30, 2018, which we refer to as the "Restatement." This Amendment No. 1 to our Quarterly Report on Form 10-Q (the Form 10-Q/A) amends our Quarterly Report on Form 10-Q for the quarter ended June 30, 2018 previously filed on August 8, 2018 (the Original Filing). We are filing this Form 10-Q/A to restate our unaudited financial statements, financial data and related disclosures as of and for the three-month and six-month periods ended June 30, 2018 to give effect to the Restatement, and to amend the other sections of the Original Filing impacted by these changes, which are: Part I, Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations; Part I, Item 2, Controls and Procedures; Part II, Item 1A, Risk Factors, and Part II, Item 6, Exhibits. Other than the revisions as a result of the Restatement, and amending the risk factor regarding material weaknesses, this Form 10-Q/A does not update any of the disclosures in the Original Filing, which continue to speak as of the date of the filing of the Original Filing. In Note 2. "Restatement of Previously Issued Condensed Financial Statements," we have included information regarding the Restatement and specific changes to our previously issued unaudited quarterly financial statements, including details of the adjustments to the previously issued unaudited quarterly financial statements as a result of the Restatement. Background of the Restatement The restatement of our unaudited quarterly financial statements and related disclosures relates to the correction of an error related to inventory and cost of sales. Specifically, the error relates to the scrapping of inventory in the third quarter of 2018, which was identified to be scrapped in the quarter ended June 30, 2018. In accordance with accounting guidance presented in Accounting Standards Codification 250-10, Accounting Changes and Error Corrections and Securities and Exchange Commission (SEC) Staff Accounting Bulletin No. 99, Materiality, management assessed the materiality of this error and concluded it was material to the Company's previously issued financial statements. The impact of the Restatement on the Condensed Statement of Operations and Comprehensive Loss resulted in increased cost of sales for the three and six months ended June 30, 2018. The impact of the Restatement on the Condensed Balance Sheet resulted in a decrease to our work-in-process inventory. The impact of the Restatement on the Condensed Statement of Cash Flows resulted in no change to net cash used by operating activities in the six months ended June 30, 2018. This Form 10-Q/A amends and restates Items 1, 2, and 4 of Part I and Item 6 of Part II of the Original Filing and no other information included in the Original Filing is amended hereby. Except as described herein, this Amendment does not amend, update or change any other items or disclosures in the Original Filing and does not purport to reflect any information or events subsequent to the Original Filing Date. As such, this Amendment speaks only as of the Original Filing Date, and the Company has not undertaken to amend, supplement or update any information contained in the Original Filing to give effect to any subsequent events. Accordingly, this Amendment should be read in conjunction with the Company's filings made with the SEC subsequent to the filing of the Original Filing, including any amendment to those filings. Restatement of Conclusion Regarding Disclosure Controls and Procedures At the time of the Original Filing, our chief executive officer (CEO) (principal executive officer) and chief financial officer (CFO) (principal financial officer) concluded that our disclosure controls and procedures were effective at the reasonable assurance level as of June 30, 2018. Subsequent to that evaluation, our CEO and CFO concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of June 30, 2018 because of the material weakness in internal control over financial reporting described in Item 4 of Part I "Controls and Procedures" of this Amendment. As a result, we have restated Item 4 of Part I "Controls and Procedures" to reflect the revised conclusion and to include disclosure of the material weakness. In accordance with applicable SEC rules, this Form 10-Q/A includes new certifications from our CEO and CFO as Exhibits 31.1, 31.2, and 32.1. |
Document Period End Date | Jun. 30, 2018 |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | Q2 |
Trading Symbol | mram |
Entity Registrant Name | EVERSPIN TECHNOLOGIES INC |
Entity Central Index Key | 0001438423 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Common Stock, Shares Outstanding |  | 16,904,112

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