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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

12 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS

In connection with the preparation of its financial statements for the year ended December 31, 2023, the Company determined that it had a historical state sales and use tax liability related to prior periods. The Company is required and subject to collect and remit sales and use taxes in state and local jurisdictions where it has economic nexus. During the year ended December 31, 2023, the Company determined that a sales tax liability related to the periods of 2019 through 2023 was probable and determined an estimated liability for sales transactions processed in jurisdictions where it had not previously reported. The Company determined that its previously issued financial statements for the period ended December 31, 2022 did not reflect the liability that was estimated to exist for that period. The correction of these errors had no effect on the total cash flows from operations, investing, or financing of the Company.

In accordance with SEC Staff Accounting Bulletin No. 99, “Materiality,” (“SAB 99”) and SEC Staff Accounting Bulletin No. 108, “Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements,” (“SAB 108”), the Company evaluated the additional liability and has determined that the related impact was immaterial to the previously issued financial statements; however, correcting the liability in the current period would have a material impact on the current financial statements. Therefore, the Company, in consultation with the Audit Committee of the Company’s Board of Directors, concluded that the affected periods should be revised to present the identified adjustments. The Company has not filed, and does not intend to file, an amendment to the previously filed Annual Report on Form 10-K for the period ended December 31, 2022, but instead is revising its previously reported financial statements in this Annual Report on Form 10-K.

All financial statements and footnotes presented herein have been adjusted to reflect the revisions below.

			As of March 31, 2022
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	1,768					605						$	2,373
Accumulated deficit			$	(128,365)					(605)						$	(128,970)
Total stockholders’ equity			$	18,938					(605)						$	18,333

			As of June 30, 2022
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	2,321					677						$	2,998
Accumulated deficit			$	(129,463)					(677)						$	(130,140)
Total stockholders’ equity			$	18,360					(677)						$	17,683
			As of September 30, 2022
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	2,036					751						$	2,787
Accumulated deficit			$	(130,187)					(751)						$	(130,938)
Total stockholders’ equity			$	18,332					(751)						$	17,581
			As of December 31, 2022
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	2,319					837						$	3,156
Accumulated deficit			$	(130,748)					(837)						$	(131,585)
Total stockholders’ equity			$	18,504					(837)						$	17,667
			As of March 31, 2023
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	2,475					908						$	3,383
Accumulated deficit			$	(132,064)					(908)						$	(132,972)
Total stockholders’ equity			$	17,830					(908)						$	16,922
			As of June 30, 2023
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	1,980					984						$	2,964
Accumulated deficit			$	(132,841)					(984)						$	(133,825)
Total stockholders’ equity			$	17,337					(984)						$	16,353

			As of September 30, 2023
			As Previously Reported						Adjustment						As adjusted
BALANCE SHEET
Accrued expenses			$	2,350					1,064						$	3,414
Accumulated deficit			$	(133,485)					(1,064)						$	(134,549)
Total stockholders’ equity			$	17,071					(1,064)						$	16,007

			For the Three Months Ended March 31, 2022
			As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	2,943					76						$	3,019
Total operating expenses			$	4,547					76						$	4,623
Loss from operations			$	(1,468)					(76)						$	(1,544)
Net loss			$	(1,468)					(76)						$	(1,544)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.08)					$	—					$	(0.08)

			For the Three Months Ended June 30, 2022																		For the Six Months Ended June 30, 2022
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	3,124					72						$	3,196					$	6,068					148						$	6,216
Total operating expenses			$	4,742					72						$	4,814					$	9,289					148						$	9,437
Loss from operations			$	(1,098)					(72)						$	(1,170)					$	(2,566)					(148)						$	(2,714)
Net loss			$	(1,098)					(72)						$	(1,170)					$	(2,566)					(148)						$	(2,714)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.06)					$	—					$	(0.06)					$	(0.14)					$	—					$	(0.14)

			For the Three Months Ended September 30, 2022																		For the Nine Months Ended September 30, 2022
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	2,917					74						$	2,991					$	8,985					222						$	9,207
Total operating expenses			$	4,378					74						$	4,452					$	13,667					222						$	13,889
Loss from operations			$	(724)					(74)						$	(798)					$	(3,290)					(222)						$	(3,512)
Net loss			$	(724)					(74)						$	(798)					$	(3,290)					(222)						$	(3,512)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.04)					$	—					$	(0.04)					$	(0.17)					$	(0.02)					$	(0.19)

			For the Year Ended December 31, 2022
			As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	12,399					308						$	12,707
Total operating expenses			$	18,413					308						$	18,721
Loss from operations			$	(3,722)					(308)						$	(4,030)
Net loss			$	(3,851)					(308)						$	(4,159)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.20)					$	(0.02)					$	(0.22)

			For the Three Months Ended March 31, 2023
			As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	3,924					71						$	3,995
Total operating expenses			$	5,232					71						$	5,303
Loss from operations			$	(1,310)					(71)						$	(1,381)
Net loss			$	(1,316)					(71)						$	(1,387)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.07)					$	—					$	(0.07)

			For the Three Months Ended June 30, 2023																		For the Six Months Ended June 30, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	3,861					76						$	3,937					$	7,784					147						$	7,931
Total operating expenses			$	5,137					76						$	5,213					$	10,368					147						$	10,515
Loss from operations			$	(773)					(76)						$	(849)					$	(2,082)					(147)						$	(2,229)
Net loss			$	(777)					(76)						$	(853)					$	(2,093)					(147)						$	(2,240)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.04)					$	—					$	(0.04)					$	(0.11)					$	(0.01)					$	(0.12)

			For the Three Months Ended September 30, 2023																		For the Nine Months Ended September 30, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF OPERATIONS
Selling, general and administrative expenses			$	3,597					80						$	3,677					$	11,382					227						$	11,609
Total operating expenses			$	5,147					80						$	5,227					$	15,516					227						$	15,743
Loss from operations			$	(815)					(80)						$	(895)					$	(2,898)					(227)						$	(3,125)
Net loss			$	(644)					(80)						$	(724)					$	(2,737)					(227)						$	(2,964)
PER SHARE INFORMATION
Loss per common share
Basic and Diluted			$	(0.03)					$	(0.01)					$	(0.04)					$	(0.14)					$	(0.01)					$	(0.15)

			For the year ended December 31, 2021
			As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(7,478)					(529)						$	(8,007)
Accumulated deficit			$	(126,897)					(529)						$	(127,426)
Total Stockholders’ Equity			$	19,577					(529)						$	19,048

			For the Three Months Ended March 31, 2022																		For the Three Months Ended March 31, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(1,468)					(76)						$	(1,544)					$	(1,316)					(71)						$	(1,387)
Accumulated deficit			$	(128,365)					(605)						$	(128,970)					$	(132,064)					(908)						$	(132,972)
Total Stockholders’ Equity			$	18,938					(605)						$	18,333					$	17,830					(908)						$	16,922
			For the Three Months Ended June 30, 2022																		For the Three Months Ended June 30, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(1,098)					(72)						$	(1,170)					$	(777)					(76)						$	(853)
Accumulated deficit			$	(129,463)					(677)						$	(130,140)					$	(132,841)					(984)						$	(133,825)
Total Stockholders’ Equity			$	18,360					(677)						$	17,683					$	17,337					(984)						$	16,353
			For the Three Months Ended September 30, 2022																		For the Three Months Ended September 30, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(724)					(74)						$	(798)					$	(644)					(80)						$	(724)
Accumulated deficit			$	(130,187)					(751)						$	(130,938)					$	(133,485)					(1,064)						$	(134,549)
Total Stockholders’ Equity			$	18,332					(751)						$	17,581					$	17,071					(1,064)						$	16,007
			For the Six Months Ended June 30, 2022																		For the Six Months Ended June 30, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(2,566)					(148)						$	(2,714)					$	(2,093)					(147)						$	(2,240)
Accumulated deficit			$	(129,463)					(677)						$	(130,140)					$	(132,841)					(984)						$	(133,825)
Total Stockholders’ Equity			$	18,360					(677)						$	17,683					$	17,337					(984)						$	16,353

			For the Nine Months Ended September 30, 2022																		For the Nine Months Ended September 30, 2023
			As Previously Reported						Adjustment						As adjusted						As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(3,290)					(222)						$	(3,512)					$	(2,737)					(227)						$	(2,964)
Accumulated deficit			$	(130,187)					(751)						$	(130,938)					$	(133,485)					(1,064)						$	(134,549)
Total Stockholders’ Equity			$	18,332					(751)						$	17,581					$	17,071					(1,064)						$	16,007
			For the year ended December 31, 2022
			As Previously Reported						Adjustment						As adjusted
STATEMENT OF STOCKHOLDERS’ EQUITY
Net loss			$	(3,851)					(308)						$	(4,159)
Accumulated deficit			$	(130,748)					(837)						$	(131,585)
Total Stockholders’ Equity			$	18,504					(837)						$	17,667

			For the Three Months Ended March 31, 2022
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(1,468)					(76)						$	(1,544)
Increase (decrease) in accounts payable and accrued expenses			$	(1,149)					76						$	(1,073)
			For the Six Months Ended June 30, 2022
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(2,566)					(148)						$	(2,714)
Increase (decrease) in accounts payable and accrued expenses			$	(497)					148						$	(349)

			For the Nine Months Ended September 30, 2022
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(3,290)					(222)						$	(3,512)
Increase (decrease) in accounts payable and accrued expenses			$	(588)					222						$	(366)
			For the year ended December 31, 2022
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(3,851)					(308)						$	(4,159)
Increase (decrease) in accounts payable and accrued expenses			$	(568)					308						$	(260)
			For the Three Months Ended March 31, 2023
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(1,316)					(71)						$	(1,387)
Increase (decrease) in accounts payable and accrued expenses			$	712					71						$	783
			For the Six Months Ended June 30, 2023
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(2,093)					(147)						$	(2,240)
Increase (decrease) in accounts payable and accrued expenses			$	(22)					147						$	125
			For the Nine Months Ended September 30, 2023
			As Previously Reported						Adjustment						As Adjusted
STATEMENT OF CASH FLOWS
Net loss			$	(2,737)					(227)						$	(2,964)
Increase (decrease) in accounts payable and accrued expenses			$	204					227						$	431

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- Definition

The entire disclosure for reporting error correction.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

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