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Restatement of Previously Issued Financial Statements (Tables)

9 Months Ended

Dec. 31, 2023

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

A summary of the impact of the adjustments described above relating to the Misstatements in each of the Affected Periods, is as follows:

						December 31, 2022
						Three Months Ended												Nine Months Ended
(in thousands)						As previously reported						As restated						As previously reported						As restated
Sales						$	58,870					$	58,870					$	194,451					$	194,172
Gross profit						$	15,238					$	15,238					$	53,632					$	53,353
(Loss) income from operations						$	(769)					$	(769)					$	5,682					$	6,263
Net (loss) income						$	(19)					$	(212)					$	5,335					$	5,356

			December 31, 2022
			Three Months Ended												Nine Months Ended
			As previously reported						As restated						As previously reported						As restated
Net (loss) income (numerator):
Net (loss) income			$	(19)					$	(212)					$	5,335					$	5,356
Shares (denominator):
Weighted average number of common shares outstanding used in basic computation			20,301,384						20,301,384						20,257,145						20,257,145
Common shares issuable upon vesting of restricted stock			—						—						71,794						71,794
Common shares issuable upon conversion of preferred shares			—						—						10,125						10,125
Shares used in diluted computation			20,301,384						20,301,384						20,339,064						20,339,064
Net (loss) income per common share:
Basic			$	—					$	(0.01)					$	0.26					$	0.26
Diluted			$	—					$	(0.01)					$	0.26					$	0.26

Summary of Restatement - Consolidated Balance Sheets

			December 31, 2022
			As Previously Reported						Restatement Adjustments						Reference						As Restated
ASSETS
Current assets:
Cash and cash equivalents			$	102,428					$	—											$	102,428
Accounts receivable, less allowance for doubtful accounts of $40			1,944						—												1,944
Inventories - finished goods			22,402						—												22,402
Prepaid expenses and other current assets			5,637						—												5,637
Prepaid income taxes			1,608						—												1,608
Total current assets			134,019						—												134,019
Noncurrent assets:
Property and equipment, net			25,242						—												25,242
Intangible and other assets			5,860						—												5,860
Deferred tax assets			—						4,493						b, c						4,493
Total noncurrent assets			31,102						4,493												35,595
Total assets			$	165,121					$	4,493											$	169,614
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable			$	24,317					$	—											$	24,317
Sales tax payable			—						26,448						a						26,448
Accrued expenses and other current liabilities			6,754						(2,775)						a						3,979
Total current liabilities			31,071						23,673												54,744
Deferred tax liabilities			465						(465)						c						—
Total liabilities			31,536						23,208												54,744
Commitments and contingencies			—						—												—
Shareholders' equity:
Preferred stock, $0.001 par value, 5,000,000 shares authorized; 2,500 convertible shares issued and outstanding with a liquidation preference of $4 per share			9						—												9
Common stock, $0.001 par value, 40,000,000 shares authorized; 21,077,077 shares issued and outstanding			21						—												21
Additional paid-in capital			16,647						—												16,647
Retained earnings			116,908						(18,715)						a, b, c						98,193
Total shareholders' equity			133,585						(18,715)												114,870
Total liabilities and shareholders' equity			$	165,121					$	4,493											$	169,614

Summary of Restatement - Consolidated Statements of Operations

			Three Months Ended December 31, 2022																								Nine Months Ended December 31, 2022
			As Previously Reported						Restatement Adjustments						Refer-ence						As Restated						As Previously Reported						Restatement Adjustments						Refer-ence						As Restated
Sales			$	58,870					$	—											$	58,870					$	194,451					$	(279)					a						$	194,172
Cost of sales			43,632						—												43,632						140,819						—												140,819
Gross profit			15,238						—												15,238						53,632						(279)												53,353
Operating expenses:
General and administrative			10,425						—												10,425						30,529						(860)						a						29,669
Advertising			4,641						—												4,641						14,869						—												14,869
Depreciation			941						—												941						2,552						—												2,552
Total operating expenses			16,007						—												16,007						47,950						(860)												47,090
(Loss) income from operations			(769)						—												(769)						5,682						581												6,263
Other income:
Interest income, net			708						(409)						a						299						1,213						(1,202)						a						11
Other, net			259						—												259						718						—												718
Total other income			967						(409)												558						1,931						(1,202)												729
Income (loss) before provision for income taxes			198						(409)												(211)						7,613						(621)												6,992
Provision for income taxes			217						(216)						b						1						2,278						(642)						b						1,636
Net (loss) income			$	(19)					$	(193)											$	(212)					$	5,335					$	21											$	5,356
Net (loss) income per common share:
Basic			$	—					$	(0.01)											$	(0.01)					$	0.26					$	—											$	0.26
Diluted			$	—					$	(0.01)											$	(0.01)					$	0.26					$	—											$	0.26
Weighted average number of common shares outstanding:
Basic			20,301,384						—												20,301,384						20,257,145						—												20,257,145
Diluted			20,301,384						—												20,301,384						20,339,064						—												20,339,064
Cash dividends declared per common share			$	0.30					$	—											$	0.30					$	0.90					$	—											$	0.90

Summary of Restatement - Consolidated Cash Flow Statement

						Nine Months Ended December 31, 2022
						As Previously Reported						Restatement Adjustments						Reference						As Restated
Cash flows from operating activities:
Net income						$	5,335					$	21					a						$	5,356
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation						2,552						—												2,552
Share based compensation						4,987						—												4,987
Deferred income taxes						(471)						(643)						b						(1,114)
Bad debt expense						292						—												292
(Increase) decrease in operating assets and increase (decrease) in liabilities:
Accounts receivable						(324)						—												(324)
Inventories - finished goods						10,053						—												10,053
Prepaid income taxes						(927)						—												(927)
Prepaid expenses and other current assets						(771)						—												(771)
Accounts payable						(3,183)						—												(3,183)
Sales tax payable						—						2,291						a						2,291
Accrued expenses and other current liabilities						536						(1,669)						a						(1,133)
Net cash provided by operating activities						18,079						—												18,079
Cash flows from investing activities:
Purchase of minority interest investment in Vetster						(5,000)						—												(5,000)
Purchases of property and equipment						(3,329)						—												(3,329)
Net cash used in investing activities						(8,329)						—												(8,329)
Cash flows from financing activities:
Dividends paid						(18,402)						—												(18,402)
Net cash used in financing activities						(18,402)						—												(18,402)
Net (decrease) increase in cash and cash equivalents						(8,652)						—												(8,652)
Cash and cash equivalents, at beginning of year						111,080						—												111,080
Cash and cash equivalents, at end of year						$	102,428					$	—											$	102,428
Supplemental disclosure of cash flow information:
Cash paid for income taxes						$	3,870					$	—											$	3,870
Dividends payable in accrued expenses						$	1,079					$	—											$	1,079

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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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