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Revision of Prior Period Financial Statements (Tables) | 9 Months Ended
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Sep. 30, 2021
Accounting Changes and Error Corrections [Abstract] |
Schedule of Error Corrections and Prior Period Adjustments | 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 |
|  | As of June 30, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Inventories, net |  | $ | 48,783 |  |  | $ | (1,244 | ) |  | $ | 47,539 |
Total current assets |  |  | 109,841 |  |  |  | (1,244 | ) |  |  | 108,597 |
Total assets |  |  | 170,058 |  |  |  | (1,244 | ) |  |  | 168,814 |
Accounts and contractual payables |  |  | 34,612 |  |  |  | 1,671 |  |  |  | 36,283 |
Total current liabilities |  |  | 69,529 |  |  |  | 1,671 |  |  |  | 71,200 |
Total liabilities |  |  | 179,496 |  |  |  | 1,671 |  |  |  | 181,167 |
Accumulated deficit |  |  | (79,047 | ) |  |  | (2,915 | ) |  |  | (81,962 | )
Total stockholders' equity deficit |  |  | (9,438 | ) |  |  | (2,915 | ) |  |  | (12,353 | )
Total liabilities and stockholders' equity |  |  | 170,058 |  |  |  | (1,244 | ) |  |  | 168,814 |
|  | Six Months Ended |
|  | June 30, 2021 |
|  | As Reported |  |  | Adjustments |  |  | As Revised |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |
Net loss |  |  | (40,428 | ) |  |  | (2,915 | ) |  |  | (43,343 | )
Inventories |  |  | (8,058 | ) |  |  | 1,244 |  |  |  | (6,814 | )
Accounts and contractual payables |  |  | 6,193 |  |  |  | 1,671 |  |  |  | 7,864 |
Net cash used in operating activities |  |  | (44,109 | ) |  |  | - |  |  |  | (44,109 | )

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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=124431687&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=124431687&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=124431687&loc=d3e22658-107794 + Details
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