XML 18 R8.htm IDEA: XBRL DOCUMENT
v3.22.1

Basis of Presentation | 3 Months Ended
--- | ---
Mar. 31, 2022
Accounting Policies [Abstract] |
Basis of Presentation |
| 2. | Basis of Presentation
In the opinion of management, the Company’s condensed consolidated financial statements reflect all adjustments, which are of a normal recurring nature, necessary for a fair statement of the results for the periods presented in accordance with United States of America’s Generally Accepted Accounting Principles (“U.S. GAAP”). The results of operations for the interim periods presented are not necessarily indicative of results for the full year. Certain information and footnote disclosures normally included in the annual consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted. These unaudited condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and notes thereto included in the Annual Report. The information presented in the accompanying condensed consolidated balance sheet as of December 31, 2021 has been derived from the Company’s audited consolidated financial statements. All other information has been derived from the Company’s unaudited condensed consolidated financial statements for the three months ended March 31, 2022 and March 31, 2021. Principles of Consolidation The condensed consolidated financial statements include the accounts of the Company and our then wholly-owned subsidiaries, MTI Instruments and SCI, as of March 31, 2022. All intercompany balances and transactions are eliminated in consolidation. Change in Par Value Unless otherwise noted, all capital values, share and per share amounts in the condensed consolidated financial statements have been retroactively restated for the effects of the Company’s change in par value from $0.01 to $0.001, which became effective after the redomestication to the State of Nevada on March 29, 2021. Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation. These reclassifications had no effect on the reported results of operations or net assets. The reclassifications relate to the presentation of discontinued operations and a correction of an error. Correction of an Error The Company recorded cash preferred dividend distributions of $630 thousand in the our Annual Report presentation as an increase within accumulated deficit. However, in the absence of retained earnings, cash dividends should generally be charged to Additional-Paid-in Capital (“APIC”). This treatment is supported by Accounting Standards Codification (“ASC”) 480-10-S99-2, which requires accretion of redeemable preferred stock to be charged to APIC in the absence of retained earnings. As the Company did not have accumulated profit (i.e.: absence of retained earnings), the preferred cash dividends should have been charged to APIC. The following tables present the effects of the correction of the prior period error to the Condensed Consolidated Statement of Equity:
|  | Preferred Stock |  |  | Common Stock |  |  |  |  |  |  |  |  |  |  | Treasury Stock |  |  |  |  |
|  |  | Shares |  |  |  | Amount |  |  |  | Shares |  |  |  | Amount |  |  |  | Additional Paid-in Capital |  |  |  | Accumulated Deficit |  |  |  | Shares |  |  |  | Amount |  |  |  | Total Stockholders’ Equity |
September 30, 2021 |  |  | 806,585 |  |  | $ | 1 |  |  |  | 13,732,713 |  |  | $ | 14 |  |  | $ | 172,898 |  |  | $ | (120,419 | ) |  |  | 1,015,493 |  |  | $ | (13,764 | ) |  | $ | 38,730 |
Adjustment for correction of an error-Preferred dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (176 | ) |  |  | 176 |  |  |  | — |  |  |  | — |  |  |  | — |
Balance Sep tember 30, 2021-as adjusted |  |  | 806,585 |  |  | $ | 1 |  |  |  | 13,732,713 |  |  | $ | 14 |  |  | $ | 172,722 |  |  | $ | (120,243 | ) |  |  | 1,015,493 |  |  | $ | (13,764 | ) |  | $ | 38,730 |
December 31, 2021 |  |  | 1,252,299 |  |  | $ | 1 |  |  |  | 14,769,699 |  |  | $ | 15 |  |  | $ | 228,420 |  |  | $ | (123,684 | ) |  |  | 1,015,493 |  |  | $ | (13,764 | ) |  | $ | 90,988 |
Adjustment for correction of an error-Preferred dividends |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (630 | ) |  |  | 630 |  |  |  | — |  |  |  | — |  |  |  | — |
December 31, 2021-as adjusted |  |  | 1,252,299 |  |  | $ | 1 |  |  |  | 14,769,699 |  |  | $ | 15 |  |  | $ | 227,790 |  |  | $ | (123,054 | ) |  |  | 1,015,493 |  |  | $ | (13,764 | ) |  | $ | 90,988 |

X
- References No definition available. + Details
Name: | us-gaap_AccountingPoliciesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section 50 -Paragraph 1 -URI https://asc.fasb.org/extlink&oid=126899994&loc=d3e18726-107790 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI https://asc.fasb.org/topic&trid=2122369 + Details
Name: | us-gaap_SignificantAccountingPoliciesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration