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Revision of Prior Period Financial Statements
 6 Months Ended
Jun. 30, 2021
Accounting Changes and Error Corrections [Abstract]  
Revision of Prior Period Financial Statements

Note 17 – Revision of Prior Period Financial Statements

 

In preparing its financial statements for the three months ended June 30, 2021, the Company discovered certain errors related to accounting for inventory transactions for the three months ended March 31, 2021.  In accordance with SEC Staff Accounting Bulletin Nos. 99 and 108 (“SAB 99 and SAB 108”), the Company evaluated these errors and determined that they were immaterial to the reporting period affected and, therefore, an amendment to the previously filed report was not required. However, if the adjustments to correct the cumulative errors had been recorded in the second quarter of 2021, the Company believes the impact would have been significant to the period and would impact comparisons to prior periods. As permitted by SAB 108, the Company revised its comparative consolidated financial statements for these immaterial amounts and has included the revised comparative consolidated financial statements in this Quarterly Report on Form 10-Q.

 

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

 

 

 

 

 

 

 

 

 

Revenues

 

$

32,370

 

 

 

 

 

$

32,370

 

Cost of sales

 

 

30,566

 

 

 

(786

)

 

 

29,780

 

Gross profit (loss)

 

 

1,804

 

 

 

786

 

 

 

2,590

 

Selling, general and administrative expenses

 

 

9,151

 

 

 

 

 

 

9,151

 

Restructuring and impairment charges

 

 

6,650

 

 

 

 

 

 

6,650

 

Operating loss

 

 

(13,997

)

 

 

786

 

 

 

(13,211

)

Interest expense

 

 

(2,502

)

 

 

 

 

 

(2,502

)

Gain (loss) on change in fair market value of warrant liability

 

 

(22,128

)

 

 

 

 

 

(22,128

)

Other income

 

 

115

 

 

 

 

 

 

115

 

Loss before income taxes

 

 

(38,512

)

 

 

786

 

 

 

(37,726

)

Income tax (benefit) provision

 

 

(133

)

 

 

265

 

 

 

132

 

Net loss

 

 

(38,379

)

 

 

521

 

 

 

(37,858

)

Less: Net loss attributable to noncontrolling interest in JV

 

 

-

 

 

 

-

 

 

 

-

 

Net loss attributable to FreightCar America

 

$

(38,379

)

 

$

521

 

 

$

(37,858

)

Net loss per common share attributable to FreightCar America- basic

 

$

(1.92

)

 

$

0.03

 

 

$

(1.89

)

Net loss per common share attributable to FreightCar America- diluted

 

$

(1.92

)

 

$

0.03

 

 

$

(1.89

)

Weighted average common shares outstanding – basic

 

 

20,001,505

 

 

 

 

 

 

20,001,505

 

Weighted average common shares outstanding – diluted

 

 

20,001,505

 

 

 

 

 

 

20,001,505

 

 

 

 

As of March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

 

 

 

 

 

 

 

 

 

Inventories, net

 

$

37,054

 

 

$

(1,405

)

 

$

35,649

 

Prepaid expenses

 

 

8,998

 

 

 

1,926

 

 

 

10,924

 

Total current assets

 

 

97,223

 

 

 

521

 

 

 

97,744

 

Total assets

 

 

158,070

 

 

 

521

 

 

 

158,591

 

Accumulated deficit

 

 

(76,998

)

 

 

521

 

 

 

(76,477

)

Total stockholders' equity deficit

 

 

(7,707

)

 

 

521

 

 

 

(7,186

)

Total liabilities and stockholders' equity

 

 

158,070

 

 

 

521

 

 

 

158,591

 

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

As Reported

 

 

Adjustments

 

 

As Revised

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities:

 

 

 

 

 

 

 

 

 

Net Loss

 

 

(38,379

)

 

 

521

 

 

 

(37,858

)

Inventories

 

 

3,419

 

 

 

1,405

 

 

 

4,824

 

Other assets

 

 

(5,133

)

 

 

(2,191

)

 

 

(7,324

)

Income taxes receivable/payable

 

 

(134

)

 

 

265

 

 

 

131

 

Net cash used in operating activities

 

 

(22,276

)

 

 

—

 

 

 

(22,276

)