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Revision of Prior Period Financial Statements | 9 Months Ended
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Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract] |
Revision of Prior Period Financial Statements | Note 16 – Revision of Prior Period Financial Statements In preparing its financial statements for the three months ended September 30, 2021, the Company discovered certain errors related to accounting for inventory transactions for the three months ended March 31, 2021 and for the three months ended June 30, 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 third 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 |  |  | 29,780 |  |  |  | 1,274 |  |  |  | 31,054 |
Gross profit |  |  | 2,590 |  |  |  | (1,274 | ) |  |  | 1,316 |
Selling, general and administrative expenses |  |  | 9,151 |  |  |  |  |  |  | 9,151 |
Restructuring and impairment charges |  |  | 6,650 |  |  |  |  |  |  | 6,650 |
Operating loss |  |  | (13,211 | ) |  |  | (1,274 | ) |  |  | (14,485 | )
Interest expense |  |  | (2,502 | ) |  |  |  |  |  | (2,502 | )
Loss on change in fair market value of warrant liability |  |  | (22,128 | ) |  |  |  |  |  | (22,128 | )
Other income |  |  | 115 |  |  |  |  |  |  | 115 |
Loss before income taxes |  |  | (37,726 | ) |  |  | (1,274 | ) |  |  | (39,000 | )
Income tax provision |  |  | 132 |  |  |  | - |  |  |  | 132 |
Net loss |  |  | (37,858 | ) |  |  | (1,274 | ) |  |  | (39,132 | )
Less: Net loss attributable to noncontrolling interest in JV |  |  | - |  |  |  | - |  |  |  | - |
Net loss attributable to FreightCar America |  | $ | (37,858 | ) |  | $ | (1,274 | ) |  | $ | (39,132 | )
Net loss per common share attributable to FreightCar America- basic |  | $ | (1.89 | ) |  | $ | (0.07 | ) |  | $ | (1.96 | )
Net loss per common share attributable to FreightCar America- diluted |  | $ | (1.89 | ) |  | $ | (0.07 | ) |  | $ | (1.96 | )
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 |
Accounts and contractual payables |  | $ | 27,168 |  |  | $ | 1,274 |  |  | $ | 28,442 |
Total current liabilities |  |  | 61,849 |  |  |  | 1,274 |  |  |  | 63,123 |
Total liabilities |  |  | 165,777 |  |  |  | 1,274 |  |  |  | 167,051 |
Accumulated deficit |  |  | (76,477 | ) |  |  | (1,274 | ) |  |  | (77,751 | )
Total stockholders' equity deficit |  |  | (7,186 | ) |  |  | (1,274 | ) |  |  | (8,460 | )
Total liabilities and stockholders' equity |  |  | 158,591 |  |  |  | — |  |  |  | 158,591 |
|  | Three Months Ended |
|  | March 31, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss |  |  | (37,858 | ) |  |  | (1,274 | ) |  |  | (39,132 | )
Accounts and contractual payables |  |  | 320 |  |  |  | 1,274 |  |  |  | 1,594 |
Net cash used in operating activities |  |  | (22,276 | ) |  |  | - |  |  |  | (22,276 | )
|  | Three Months Ended |
|  | June 30, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Revenues |  | $ | 37,354 |  |  |  |  |  | $ | 37,354 |
Cost of sales |  |  | 33,716 |  |  |  | 1,641 |  |  |  | 35,357 |
Gross profit |  |  | 3,638 |  |  |  | (1,641 | ) |  |  | 1,997 |
Selling, general and administrative expenses |  |  | 6,294 |  |  |  |  |  |  | 6,294 |
Restructuring and impairment charges |  |  | (120 | ) |  |  |  |  |  | (120 | )
Operating loss |  |  | (2,536 | ) |  |  | (1,641 | ) |  |  | (4,177 | )
Interest expense |  |  | (3,212 | ) |  |  |  |  |  | (3,212 | )
Gain on change in fair market value of warrant liability |  |  | 3,452 |  |  |  |  |  |  | 3,452 |
Other income |  |  | 230 |  |  |  |  |  |  | 230 |
Loss before income taxes |  |  | (2,066 | ) |  |  | (1,641 | ) |  |  | (3,707 | )
Income tax provision |  |  | 504 |  |  |  | - |  |  |  | 504 |
Net loss |  |  | (2,570 | ) |  |  | (1,641 | ) |  |  | (4,211 | )
Less: Net loss attributable to noncontrolling interest in JV |  |  | - |  |  |  | - |  |  |  | - |
Net loss attributable to FreightCar America |  | $ | (2,570 | ) |  | $ | (1,641 | ) |  | $ | (4,211 | )
Net loss per common share attributable to FreightCar America- basic |  | $ | (0.13 | ) |  | $ | (0.11 | ) |  | $ | (0.24 | )
Net loss per common share attributable to FreightCar America- diluted |  | $ | (0.13 | ) |  | $ | (0.11 | ) |  | $ | (0.24 | )
Weighted average common shares outstanding – basic |  |  | 20,160,410 |  |  |  |  |  |  | 20,160,410 |
Weighted average common shares outstanding – diluted |  |  | 20,160,410 |  |  |  |  |  |  | 20,160,410 |
|  | Six Months Ended |
|  | June 30, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Revenues |  | $ | 69,724 |  |  |  |  |  | $ | 69,724 |
Cost of sales |  |  | 63,496 |  |  |  | 2,915 |  |  |  | 66,411 |
Gross profit |  |  | 6,228 |  |  |  | (2,915 | ) |  |  | 3,313 |
Selling, general and administrative expenses |  |  | 15,445 |  |  |  |  |  |  | 15,445 |
Restructuring and impairment charges |  |  | 6,530 |  |  |  |  |  |  | 6,530 |
Operating loss |  |  | (15,747 | ) |  |  | (2,915 | ) |  |  | (18,662 | )
Interest expense |  |  | (5,714 | ) |  |  |  |  |  | (5,714 | )
Loss on change in fair market value of warrant liability |  |  | (18,676 | ) |  |  |  |  |  | (18,676 | )
Other income |  |  | 345 |  |  |  |  |  |  | 345 |
Loss before income taxes |  |  | (39,792 | ) |  |  | (2,915 | ) |  |  | (42,707 | )
Income tax provision |  |  | 636 |  |  |  | - |  |  |  | 636 |
Net loss |  |  | (40,428 | ) |  |  | (2,915 | ) |  |  | (43,343 | )
Less: Net loss attributable to noncontrolling interest in JV |  |  | - |  |  |  | - |  |  |  | - |
Net loss attributable to FreightCar America |  | $ | (40,428 | ) |  | $ | (2,915 | ) |  | $ | (43,343 | )
Net loss per common share attributable to FreightCar America- basic |  | $ | (2.01 | ) |  | $ | (0.18 | ) |  | $ | (2.19 | )
Net loss per common share attributable to FreightCar America- diluted |  | $ | (2.01 | ) |  | $ | (0.18 | ) |  | $ | (2.19 | )
Weighted average common shares outstanding – basic |  |  | 20,084,199 |  |  |  |  |  |  | 20,084,199 |
Weighted average common shares outstanding – diluted |  |  | 20,084,199 |  |  |  |  |  |  | 20,084,199 |

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- Definition The entire disclosure for change in accounting principle. 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