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Revision of Prior Period Financial Statements
 9 Months Ended
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