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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2020
Accounting Changes and Error Corrections [Abstract] |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 6. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of our consolidated interim financial statements for the quarter ended June 30, 2020, we identified a revision as of December 31, 2019 in the calculation of the tax expense related to the Equity Transaction. The revision resulted in a net loss for tax purposes and created additional deferred tax assets related to these tax losses, as well as a reduction in the income tax expense, all recorded as part of discontinued operations. The recognition of additional deferred tax assets requires an increase to the valuation allowance as at December 31, 2019, consistent with the Company’s position on the future realization of these assets. In accordance with Staff Accounting Bulletin (“SAB”) No. 99, Materiality, and SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in Current Year Financial Statements, we evaluated the revision and determined that the related impact was not material to our results of operations or financial position for any prior annual or interim period, but that correcting the $407 cumulative impact of the revision would be material to our results of operations for the three months ended June 30, 2020. Accordingly, we have corrected the consolidated balance sheets and consolidated statement of operations as of December 31, 2019. The impact to the consolidated balance sheets and consolidated statements of operations as of December 31, 2019 is as follows:
|  | As of December 31, 2019 |
Consolidated Balance Sheets |  | As Reported |  |  | Adjustment |  |  | As Revised |
Income taxes receivable |  | $ | — |  |  | $ | 360 |  |  | $ | 360 |
Total current assets |  |  | 20,014 |  |  |  | 360 |  |  |  | 20,374 |
Total assets |  |  | 28,119 |  |  |  | 360 |  |  |  | 28,479 |
Income taxes payable |  |  | 543 |  |  |  | (47 | ) |  |  | 496 |
Total current liabilities |  |  | 9,891 |  |  |  | (47 | ) |  |  | 9,844 |
Total liabilities |  |  | 11,684 |  |  |  | (47 | ) |  |  | 11,637 |
Accumulated deficit |  |  | (7,566 | ) |  |  | 407 |  |  |  | (7,159 | )
Total stockholders’ equity |  |  | 16,435 |  |  |  | 407 |  |  |  | 16,842 |
Consolidated Statements of Operations |  |  |  |  |  |  |  |  |  |  |  |
Income tax expense from discontinued operations |  | $ | 737 |  |  | $ | (407 | ) |  | $ | 330 |
Income from discontinued operations, net of income taxes |  |  | 10,598 |  |  |  | 407 |  |  |  | 11,005 |
Net loss |  |  | (1,439 | ) |  |  | 407 |  |  |  | (1,032 | )
Basic and diluted loss from continuing operations |  |  | (1.38 | ) |  |  | — |  |  |  | (1.38 | )
Basic and diluted income from discontinued operations |  |  | 1.21 |  |  |  | 0.05 |  |  |  | 1.26 |
Basic and diluted net loss |  |  | (0.17 | ) |  |  | 0.05 |  |  |  | (0.12 | )
Subsequent to the December 31, 2019 revision described above, the March 31, 2020 consolidated balance sheet was also revised to reflect an increase in other currents assets of $360 to $16,533, a decrease in other current liabilities of $47 to $8,698, and an increase to stockholders’ equity of $407 to $13,923. The identified adjustment does not impact any other prior periods.

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