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Restatement of Previously Issued Consolidated Financial Statements | 12 Months Ended
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Dec. 31, 2020
Restatement Of Previously Issued Consolidated Financial Statements [Abstract] |
Restatement of Previously Issued Consolidated Financial Statements | 3. Restatement of Previously Issued Consolidated Financial Statements On April 12, 2021, the Securities and Exchange Commission issued a public statement regarding the accounting and reporting considerations for warrants issued by special purpose acquisition companies entitled “Staff Statement on Accounting and Reporting Considerations for Warrants Issued by Special Purpose Acquisition Companies (“SPACs”)” (the “SEC Statement”). The SEC Statement addressed certain accounting and reporting considerations related to warrants of a kind similar to those issued by the Company at the time of its initial public offering (“IPO”). As a result of the SEC Statement, the Company reevaluated the accounting treatment of 15.5 million public warrants issued in connection with GPAC’s formation and IPO and 12.8 million sponsor warrants issued pursuant to a simultaneous private placement. The warrants have a five-year term which commenced on March 2, 2018, 30 days after the completion of the Business Combination, and will expire on February 2, 2023, or earlier upon redemption or liquidation. The Company had been accounting for these warrants as components of equity. The guidance in ASC 815, stipulates warrant instruments that do not meet the criteria to be considered indexed to an entity’s own stock shall be initially classified as liabilities at their estimated fair values. In periods after issuance, changes in the estimated fair value of the derivative instruments should be reported in the consolidated statement of operations. Based on the SEC Statement and the guidance in ASC 815, the Company concluded that its consolidated financial statements should be restated to reflect both the public warrants and sponsor warrants as liabilities, with subsequent changes in their estimated fair value recorded as non-cash income or expense in the consolidated statements of operations for all periods after issuance. As a result, the Company has restated its consolidated financial statements as of December 31, 2020 and 2019 and for the years then ended, as well as the unaudited condensed consolidated financial statements for each of the quarterly and year-to-date periods within those years. The following table sets forth the consolidated balance sheets, including the balances as reported, adjustments and the as restated balances as of December 31, 2020 and 2019:
|  | As of December 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Warrant liabilities |  | $ | — |  |  | $ | 92,708 |  |  | $ | 92,708 |  |  | $ | 21,622 |  |  | $ | 23,808 |  |  | $ | 45,430 |
Total liabilities |  |  | 394,483 |  |  |  | 92,708 |  |  |  | 487,191 |  |  |  | 152,456 |  |  |  | 23,808 |  |  |  | 176,264 |
Additional paid-in capital |  |  | 164,460 |  |  |  | 168,587 |  |  |  | 333,047 |  |  |  | 5,990 |  |  |  | (3,168 | ) |  |  | 2,822 |
Accumulated deficit |  |  | (4,561 | ) |  |  | (261,295 | ) |  |  | (265,856 | ) |  |  | (8,349 | ) |  |  | (20,640 | ) |  |  | (28,989 | )
Total stockholders’ equity (deficit) |  |  | 159,905 |  |  |  | (92,708 | ) |  |  | 67,197 |  |  |  | (2,354 | ) |  |  | (23,808 | ) |  |  | (26,162 | )
Total equity (deficit) |  | $ | 160,249 |  |  | $ | (92,708 | ) |  | $ | 67,541 |  |  | $ | (4,732 | ) |  | $ | (23,808 | ) |  | $ | (28,540 | )
The following table sets forth the consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the years ended December 31, 2020 and 2019:
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value - warrant liabilities |  |  | (59,418 | ) |  |  | (240,655 | ) |  |  | (300,073 | ) |  |  | (16,758 | ) |  |  | (18,546 | ) |  |  | (35,304 | )
Total other expense, net |  |  | (104,100 | ) |  |  | (240,655 | ) |  |  | (344,755 | ) |  |  | (28,193 | ) |  |  | (18,546 | ) |  |  | (46,739 | )
Net loss before income taxes |  |  | (32,874 | ) |  |  | (240,655 | ) |  |  | (273,529 | ) |  |  | (11,979 | ) |  |  | (18,546 | ) |  |  | (30,525 | )
Net income (loss) |  |  | 10,875 |  |  |  | (240,655 | ) |  |  | (229,780 | ) |  |  | (12,379 | ) |  |  | (18,546 | ) |  |  | (30,925 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | 3,788 |  |  | $ | (240,655 | ) |  | $ | (236,867 | ) |  | $ | (4,027 | ) |  | $ | (18,546 | ) |  | $ | (22,573 | )
Net loss per common share - basic |  | $ | 0.10 |  |  | $ | (6.14 | ) |  | $ | (6.04 | ) |  | $ | (0.40 | ) |  | $ | (1.86 | ) |  | $ | (2.26 | )
Net loss per common share - diluted |  | $ | 0.08 |  |  | $ | (6.12 | ) |  | $ | (6.04 | ) |  | $ | (0.40 | ) |  | $ | (1.86 | ) |  | $ | (2.26 | )
The following table sets forth the consolidated statements of stockholders’ equity (deficit), including the balances as reported, adjustments and the as restated balances for the years ended December 31, 2020 and 2019:
(In thousands) |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity (Deficit) |  |  | Total Equity (Deficit) |
Balance at December 31, 2020, as reported |  | $ | 164,460 |  |  | $ | (4,561 | ) |  | $ | 159,905 |  |  | $ | 160,249 |
Adjustments |  |  | 168,587 |  |  |  | (261,295 | ) |  |  | (92,708 | ) |  |  | (92,708 | )
Balance at December 31, 2020, as restated |  |  | 333,047 |  |  |  | (265,856 | ) |  |  | 67,197 |  |  |  | 67,541 |
Balance at December 31, 2019, as reported |  | $ | 5,990 |  |  | $ | (8,349 | ) |  | $ | (2,354 | ) |  | $ | (4,732 | )
Adjustments |  |  | (3,168 | ) |  |  | (20,640 | ) |  |  | (23,808 | ) |  |  | (23,808 | )
Balance at December 31, 2019, as restated |  |  | 2,822 |  |  |  | (28,989 | ) |  |  | (26,162 | ) |  |  | (28,540 | )
Balance at December 31, 2018, as reported |  | $ | 3,655 |  |  | $ | (4,322 | ) |  | $ | (662 | ) |  | $ | (2,011 | )
Adjustments |  |  | (3,168 | ) |  |  | (2,094 | ) |  |  | (5,262 | ) |  |  | (5,262 | )
Balance at December 31, 2018, as restated |  |  | 487 |  |  |  | (6,416 | ) |  |  | (5,924 | ) |  |  | (7,273 | )
The following table sets forth the consolidated statements of cash flows from operating activities, including the balances as reported, adjustments and the as restated balances for the years ended December 31, 2020 and 2019
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 10,875 |  |  | $ | (240,655 | ) |  | $ | (229,780 | ) |  | $ | (12,379 | ) |  | $ | (18,546 | ) |  | $ | (30,925 | )
Loss on change in fair value – warrant liabilities |  |  | 59,418 |  |  |  | 240,655 |  |  |  | 300,073 |  |  |  | 16,758 |  |  |  | 18,546 |  |  |  | 35,304 |
Net cash provided by operating activities |  | $ | 81,257 |  |  | $ | — |  |  | $ | 81,257 |  |  | $ | 22,880 |  |  | $ | — |  |  | $ | 22,880 |
The adjustment had no impact on cash flows from investing or operating activities. The following table sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the three and nine months ended September 30, 2020:
|  | Three Months Ended September 30, 2020 |  |  | Nine Months Ended September 30, 2020 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  | $ | (17,971 | ) |  | $ | (85,991 | ) |  | $ | (103,962 | ) |  | $ | (43,308 | ) |  | $ | (169,285 | ) |  | $ | (212,593 | )
Total other expense, net |  |  | (25,549 | ) |  |  | (85,991 | ) |  |  | (111,540 | ) |  |  | (86,538 | ) |  |  | (169,285 | ) |  |  | (255,823 | )
Net loss before income taxes |  |  | (1,275 | ) |  |  | (85,991 | ) |  |  | (87,266 | ) |  |  | (22,808 | ) |  |  | (169,285 | ) |  |  | (192,093 | )
Net income (loss) |  |  | (1,169 | ) |  |  | (85,991 | ) |  |  | (87,160 | ) |  |  | 13,010 |  |  |  | (169,285 | ) |  |  | (156,275 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | (1,022 | ) |  | $ | (85,991 | ) |  | $ | (87,013 | ) |  | $ | 5,832 |  |  | $ | (169,285 | ) |  | $ | (163,453 | )
Net income (loss) per common share - basic |  | $ | (0.02 | ) |  | $ | (1.95 | ) |  | $ | (1.97 | ) |  | $ | 0.18 |  |  | $ | (5.27 | ) |  | $ | (5.09 | )
Net income (loss) per common share - diluted |  | $ | (0.02 | ) |  | $ | (1.95 | ) |  | $ | (1.97 | ) |  | $ | 0.16 |  |  | $ | (5.25 | ) |  | $ | (5.09 | )
The following table sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the three and six months ended June 30, 2020:
|  | Three Months Ended June 30, 2020 |  |  | Six Months Ended June 30, 2020 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  | $ | (38,970 | ) |  | $ | (91,294 | ) |  | $ | (130,264 | ) |  | $ | (25,337 | ) |  | $ | (83,294 | ) |  | $ | (108,631 | )
Total other expense, net |  |  | (73,201 | ) |  |  | (91,294 | ) |  |  | (164,495 | ) |  |  | (60,989 | ) |  |  | (83,294 | ) |  |  | (144,283 | )
Net loss before income taxes |  |  | (41,250 | ) |  |  | (91,294 | ) |  |  | (132,544 | ) |  |  | (21,533 | ) |  |  | (83,294 | ) |  |  | (104,827 | )
Net income (loss) |  |  | (5,822 | ) |  |  | (91,294 | ) |  |  | (97,116 | ) |  |  | 14,179 |  |  |  | (83,294 | ) |  |  | (69,115 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | (1,981 | ) |  | $ | (91,294 | ) |  | $ | (93,275 | ) |  | $ | 6,854 |  |  | $ | (83,294 | ) |  | $ | (76,440 | )
Net income (loss) per common share - basic |  | $ | (0.07 | ) |  | $ | (3.12 | ) |  | $ | (3.19 | ) |  | $ | 0.26 |  |  | $ | (3.20 | ) |  | $ | (2.94 | )
Net income (loss) per common share - diluted |  | $ | (0.11 | ) |  | $ | (3.08 | ) |  | $ | (3.19 | ) |  | $ | 0.26 |  |  | $ | (3.20 | ) |  | $ | (2.94 | )
The following table sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the three months ended March 31, 2020:
|  | Three Months Ended March 31, 2020 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  | $ | 13,633 |  |  | $ | 8,000 |  |  | $ | 21,633 |
Total other income (expense), net |  |  | 12,212 |  |  |  | 8,000 |  |  |  | 20,212 |
Net income before income taxes |  |  | 19,717 |  |  |  | 8,000 |  |  |  | 27,717 |
Net income |  |  | 20,001 |  |  |  | 8,000 |  |  |  | 28,001 |
Net income attributable to Purple Innovation, Inc. |  | $ | 8,835 |  |  | $ | 8,000 |  |  | $ | 16,835 |
Net income per common share - basic |  | $ | 0.39 |  |  | $ | 0.35 |  |  | $ | 0.74 |
Net income per common share - diluted |  | $ | 0.11 |  |  | $ | 0.32 |  |  | $ | 0.43 |
The following table sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the three and nine months ended September 30, 2019:
|  | Three Months Ended September 30, 2019 |  |  | Nine Months Ended September 30, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value - warrant liabilities |  |  | (1,384 | ) |  |  | (1,200 | ) |  |  | (2,584 | ) |  |  | (3,372 | ) |  |  | (5,043 | ) |  |  | (8,415 | )
Total other expense, net |  |  | (2,602 | ) |  |  | (1,200 | ) |  |  | (3,802 | ) |  |  | (13,099 | ) |  |  | (5,043 | ) |  |  | (18,142 | )
Net income (loss) before income taxes |  |  | 8,411 |  |  |  | (1,200 | ) |  |  | 7,211 |  |  |  | 350 |  |  |  | (5,043 | ) |  |  | (4,693 | )
Net income (loss) |  |  | 8,411 |  |  |  | (1,200 | ) |  |  | 7,211 |  |  |  | 350 |  |  |  | (5,043 | ) |  |  | (4,693 | )
Net income (loss) attributable to Purple Innovation, Inc. |  | $ | 1,594 |  |  | $ | (1,200 | ) |  | $ | 394 |  |  | $ | 126 |  |  | $ | (5,043 | ) |  | $ | (4,917 | )
Net income (loss) per common share - basic |  | $ | 0.18 |  |  | $ | (0.14 | ) |  | $ | 0.04 |  |  | $ | 0.01 |  |  | $ | (0.58 | ) |  | $ | (0.57 | )
Net income (loss) per common share - diluted |  | $ | 0.16 |  |  | $ | (0.12 | ) |  | $ | 0.04 |  |  | $ | 0.01 |  |  | $ | (0.58 | ) |  | $ | (0.57 | )
The following table sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the three and six months ended June 30, 2019:
|  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value - warrant liabilities |  |  | (3,685 | ) |  |  | (3,936 | ) |  |  | (7,621 | ) |  |  | (1,988 | ) |  |  | (3,843 | ) |  |  | (5,831 | )
Total other expense, net |  |  | (4,980 | ) |  |  | (3,936 | ) |  |  | (8,916 | ) |  |  | (10,497 | ) |  |  | (3,843 | ) |  |  | (14,340 | )
Net loss before income taxes |  |  | (7,341 | ) |  |  | (3,936 | ) |  |  | (11,277 | ) |  |  | (8,061 | ) |  |  | (3,843 | ) |  |  | (11,904 | )
Net loss |  |  | (7,341 | ) |  |  | (3,936 | ) |  |  | (11,277 | ) |  |  | (8,061 | ) |  |  | (3,843 | ) |  |  | (11,904 | )
Net loss attributable to Purple Innovation, Inc. |  | $ | (1,338 | ) |  | $ | (3,936 | ) |  | $ | (5,274 | ) |  | $ | (1,468 | ) |  | $ | (3,843 | ) |  | $ | (5,311 | )
Net loss per common share - basic and diluted |  | $ | (0.16 | ) |  | $ | (0.46 | ) |  | $ | (0.62 | ) |  | $ | (0.17 | ) |  | $ | (0.46 | ) |  | $ | (0.63 | )
The following table sets forth the unaudited condensed consolidated statements of operations, including the balances as reported, adjustments and the as restated balances for the three months ended March 31, 2019:
|  | Three Months Ended March 31, 2019 |
(In thousands, except per share amounts) |  | As Reported |  |  | Adjustment |  |  | As Restated |
Change in fair value – warrant liabilities |  |  | 1,697 |  |  |  | 93 |  |  |  | 1,790 |
Total other expense, net |  |  | (5,517 | ) |  |  | 93 |  |  |  | (5,424 | )
Net loss before income taxes |  |  | (720 | ) |  |  | 93 |  |  |  | (627 | )
Net loss |  |  | (720 | ) |  |  | 93 |  |  |  | (627 | )
Net loss attributable to Purple Innovation, Inc. |  | $ | (130 | ) |  | $ | 93 |  |  | $ | (37 | )
Net loss per common share - basic and diluted |  | $ | (0.02 | ) |  | $ | 0.01 |  |  | $ | (0.01 | )
The following table sets forth the consolidated statements of stockholders’ equity (deficit), including the balances as reported, adjustments and the as restated balances for the periods ended September 30, 2020, June 30, 2020 and March 31, 2020:
(In thousands) |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity (Deficit) |  |  | Total Equity (Deficit) |
Balance at September 30, 2020, as reported |  | $ | 44,032 |  |  | $ | (2,517 | ) |  | $ | 41,520 |  |  | $ | 41,564 |
Adjustments |  |  | 1,379 |  |  |  | (189,925 | ) |  |  | (188,546 | ) |  |  | (188,546 | )
Balance at September 30, 2020, as restated |  |  | 45,411 |  |  |  | (192,442 | ) |  |  | (147,026 | ) |  |  | (146,982 | )
Balance at June 30, 2020, as reported |  | $ | 20,584 |  |  | $ | (1,495 | ) |  | $ | 19,095 |  |  | $ | 17,469 |
Adjustments |  |  | (3,155 | ) |  |  | (103,934 | ) |  |  | (107,089 | ) |  |  | (107,089 | )
Balance at June 30, 2020, as restated |  |  | 17,429 |  |  |  | (105,429 | ) |  |  | (87,994 | ) |  |  | (89,620 | )
Balance at March 31, 2020, as reported |  | $ | 5,955 |  |  | $ | 486 |  |  | $ | 6,446 |  |  | $ | 15,114 |
Adjustments |  |  | (3,163 | ) |  |  | (12,640 | ) |  |  | (15,803 | ) |  |  | (15,803 | )
Balance at March 31, 2020, as restated |  |  | 2,792 |  |  |  | (12,154 | ) |  |  | (9,357 | ) |  |  | (689 | )
The following table sets forth the consolidated statements of stockholders’ equity (deficit), including the balances as reported, adjustments and the as restated balances for the periods ended September 30, 2019, June 30, 2019 and March 31, 2019:
(In thousands) |  | Additional Paid-in Capital |  |  | Accumulated Deficit |  |  | Total Stockholders’ Equity (Deficit) |  |  | Total Equity (Deficit) |
Balance at September 30, 2019, as reported |  | $ | 5,748 |  |  | $ | (4,196 | ) |  | $ | 1,557 |  |  | $ | 7,983 |
Adjustments |  |  | (3,168 | ) |  |  | (7,138 | ) |  |  | (10,306 | ) |  |  | (10,306 | )
Balance at September 30, 2019, as restated |  |  | 2,580 |  |  |  | (11,334 | ) |  |  | (8,749 | ) |  |  | (2,323 | )
Balance at June 30, 2019, as reported |  | $ | 10,364 |  |  | $ | (5,790 | ) |  | $ | 4,579 |  |  | $ | (3,363 | )
Adjustments |  |  | (3,168 | ) |  |  | (5,938 | ) |  |  | (9,106 | ) |  |  | (9,106 | )
Balance at June 30, 2019, as restated |  |  | 7,196 |  |  |  | (11,728 | ) |  |  | (4,527 | ) |  |  | (12,469 | )
Balance at March 31, 2019, as reported |  | $ | 3,728 |  |  | $ | (4,452 | ) |  | $ | (719 | ) |  | $ | (2,658 | )
Adjustments |  |  | (3,168 | ) |  |  | (2,002 | ) |  |  | (5,170 | ) |  |  | (5,170 | )
Balance at March 31, 2019, as restated |  |  | 560 |  |  |  | (6,454 | ) |  |  | (5,889 | ) |  |  | (7,828 | )
The following table sets forth the consolidated statements of cash flows from operating activities, including the balances as reported, adjustments and the as restated balances for the nine months ended September 30, 2020 and 2019
|  | Nine Months Ended September 30, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 13,010 |  |  | $ | (169,285 | ) |  | $ | (156,275 | ) |  | $ | 350 |  |  | $ | (5,043 | ) |  | $ | (4,693 | )
Loss on change in fair value – warrant liabilities |  |  | 43,308 |  |  |  | 169,285 |  |  |  | 212,593 |  |  |  | 3,372 |  |  |  | 5,043 |  |  |  | 8,415 |
Net cash provided by operating activities |  | $ | 87,400 |  |  | $ | — |  |  | $ | 87,400 |  |  | $ | 15,819 |  |  | $ | — |  |  | $ | 15,819 |
The following table sets forth the consolidated statements of cash flows from operating activities, including the balances as reported, adjustments and the as restated balances for the six months ended June 30, 2020 and 2019
|  | Six Months Ended June 30, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 14,179 |  |  | $ | (83,294 | ) |  | $ | (69,115 | ) |  | $ | (8,061 | ) |  | $ | (3,843 | ) |  | $ | (11,904 | )
Loss on change in fair value – warrant liabilities |  |  | 25,337 |  |  |  | 83,294 |  |  |  | 108,631 |  |  |  | 1,988 |  |  |  | 3,843 |  |  |  | 5,831 |
Net cash provided by operating activities |  | $ | 72,346 |  |  | $ | — |  |  | $ | 72,346 |  |  | $ | 2,135 |  |  | $ | — |  |  | $ | 2,135 |
The following table sets forth the consolidated statements of cash flows from operating activities, including the balances as reported, adjustments and the as restated balances for the three months ended March 31, 2020 and 2019:
|  | Three Months Ended March 31, |
|  | 2020 |  |  | 2019 |
(In thousands) |  | As Reported |  |  | Adjustment |  |  | As Restated |  |  | As Reported |  |  | Adjustment |  |  | As Restated |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 20,001 |  |  | $ | 8,000 |  |  | $ | 28,001 |  |  | $ | (720 | ) |  | $ | 93 |  |  | $ | (627 | )
Gain on change in fair value – warrant liabilities |  |  | (13,633 | ) |  |  | (8,000 | ) |  |  | (21,633 | ) |  |  | (1,697 | ) |  |  | (93 | ) |  |  | (1,790 | )
Net cash used in operating activities |  | $ | (264 | ) |  | $ | — |  |  | $ | (264 | ) |  | $ | (8,296 | ) |  | $ | — |  |  | $ | (8,296 | )
The adjustment had no impact on cash flows from investing or operating activities for each of the quarterly periods. In addition to the amounts noted above, impacted disclosures included in Notes 12, 16 and 17 have been restated to properly reflect this error correction.,

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