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Revision of Prior Period Financial Statements (Tables)

9 Months Ended

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.

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-Publisher FASB
-Name Accounting Standards Codification
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