XML 31 R18.htm IDEA: XBRL DOCUMENT

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL INFORMATION

12 Months Ended

Dec. 31, 2024

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL INFORMATION

RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL INFORMATION

12. RESTATEMENT OF PREVIOUSLY ISSUED FINANCIAL INFORMATION

Restatement of Previously Issued Financial Information

During the year ended December 31, 2024, the Company identified and corrected the following errors, which were recorded incorrectly in previously issued financial statements included in our Annual Report on Form 10-K and our Quarterly Reports on Form 10-Q:

-Overstatement of Inventory due to a clerical error.

-Understatement of stock-based compensation expense and related corrections of accrued liabilities, additional paid in capital, and accumulated deficit related to errors in the application of the Company’s accounting policy for RSUs. Based on the Company’s accounting policy for stock-based compensation, expense for RSUs is measured and recorded against additional paid-in-capital based on estimated fair values at the award’s grant date. The Company incorrectly adjusted compensation expense based on the fair value of the award at its vesting date. In addition, the Company recorded part of the compensation expense against accrued liabilities.

The following periods were impacted by the restatement:

the audited consolidated financial statements as of and for the year ended December 31, 2023,

the interim unaudited condensed consolidated financial statements as of and for the first three quarters of the year ended December 31, 2023, and

the interim unaudited condensed consolidated financial statements as of and for the first three quarters of the year ended December 31, 2024.

Summary of Effect of Restatement of Previously Issued Financial Information

The tables below summarize the impact of the restated amounts on the previously reported consolidated balance sheets for the impacted periods. The Consolidated Balance Sheet adjustments in the tables below that impact the line items of additional paid-in

capital, accumulated deficit, and total stockholders’ equity also reflecting the same amounts that those line items were impacted in the Consolidated Statements of Changes in Stockholders’ Equity.


							Accrued
							expenses												Total
							and other										Total		Liabilities and
			Total Current				current		Total Current		Total		Additional paid-		Accumulated		Stockholders’		Stockholders’
	Inventories		Assets		Total Assets		liabilities		Liabilities		Liabilities		in capital*		deficit*		Equity*		Equity
As of March 31, 2023, as previously reported (Unaudited)	$	1,725,673	$	28,164,991	$	57,462,835	$	7,329,386	$	10,435,916	$	28,507,390	$	288,514,368	$	(261,323,761)	$	28,955,445	$	57,462,835
Effect of restatement		—		—		—		(982,492)		(982,492)		(982,492)		1,023,458		(40,966)		982,492		—
As of March 31, 2023, as restated (Unaudited)	$	1,725,673	$	28,164,991	$	57,462,835	$	6,346,894	$	9,453,424	$	27,524,898	$	289,537,826	$	(261,364,727)	$	29,937,937	$	57,462,835