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Restatement of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements (Tables)

3 Months Ended

Mar. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Summary of Revision on the Prior Period Financial Statements

The following tables present a reconciliation of the as previously reported condensed consolidated financial statements to the restated amounts as of and for the three months ended March 31, 2023 which include the following: (1) as restated condensed consolidated balance sheet, (2) as restated condensed consolidated statement of operations and comprehensive loss and (3) as restated condensed consolidated statement of cash flows. Presented below are the changes to each financial statement line item which changed as a result of the restatement.

Condensed Consolidated Balance Sheet

			As of March 31, 2023
			As Previously Reported						Restatement Adjustments						As Restated
Property held for lease, net of accumulated depreciation and impairment			$	52,801					$	(1,268)					$	51,533
Prepaid expenses and other current assets			$	5,737					$	(745)					$	4,992
Total current assets			$	103,487					$	(2,013)					$	101,474
Total assets			$	106,760					$	(2,013)					$	104,747
Accrued liabilities			$	14,040					$	5,981					$	20,021
Unearned revenue			$	2,002					$	2,631					$	4,633
Total current liabilities			$	17,901					$	8,612					$	26,513
Total liabilities			$	102,759					$	8,612					$	111,371
Accumulated deficit			$	(85,790)					$	(10,625)					$	(96,415)
Total stockholders' (deficit) equity			$	4,001					$	(10,625)					$	(6,624)
Total liabilities and stockholders' (deficit) equity			$	106,760					$	(2,013)					$	104,747

Condensed Consolidated Statement of Operations and Comprehensive Loss

			Three Months Ended March 31, 2023
			As Previously Reported						Restatement Adjustments												As Restated
Rental revenue			$	54,724					$	(593)											$	54,131
Total revenue			$	55,676					$	(593)											$	55,083
Cost of revenue			$	42,173					$	1,040											$	43,213
Gross profit			$	13,503					$	(1,633)											$	11,870
Compensation costs			$	7,057					$	(202)											$	6,855
Total operating expenses			$	15,769					$	(202)											$	15,567
Loss from operations			$	(2,266)					$	(1,431)											$	(3,697)
Loss before income taxes			$	(9,094)					$	(1,431)											$	(10,525)
Net loss			$	(9,114)					$	(1,431)											$	(10,545)
Net loss per common share - basic and diluted			$	(2.29)					$	(0.36)											$	(2.65)

Condensed Consolidated Statement of Cash Flow

			Three Months Ended March 31, 2023
			As Previously Reported						Restatement Adjustments												As Restated
Net loss			$	(9,114)					$	(1,431)											$	(10,545)
Depreciation and amortization			$	29,012					$	665											$	29,677
Net book value of property held for lease buyouts			$	6,452					$	295											$	6,747
Impairment on property held for lease expense			$	5,223					$	35											$	5,258
Property held for lease			$	(43,013)					$	(286)											$	(43,299)
Prepaid expenses and other current assets			$	2,778					$	331											$	3,109
Accrued liabilities			$	(985)					$	391											$	(594)
Net cash used in operating activities			$	(2,906)					$	—											$	(2,906)

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- References

No definition available.

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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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-8

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-7

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-9

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