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REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 9 Months Ended
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Sep. 30, 2022
Accounting Changes and Error Corrections [Abstract] |
REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS | 4. REVISION OF PRIOR PERIOD FINANCIAL STATEMENTS In connection with the preparation of our consolidated interim financial statements for the quarter ended September 30, 2022, we completed an analysis of one of our customer contracts under ASC 606 and, as a result, we determined that the performance obligations are satisfied over time. See “Note 3 – Revenues in Notes to Consolidated Financial Statements” in Part I of this Quarterly Report on Form 10-Q. As a result of the analysis, we identified additional revenues to be recognized of $326 and $574 related to the three months ended March 31, 2022 and June 30, 2022, respectively, along with the additional related cost of revenues of $278 and $592, respectively. The following tables reconcile the balances as previously reported in the Quarterly Reports on Form 10-Q as of and for the three months ended March 31, 2022 and as of and for the three and six months ended June 30, 2022 to the as revised balances:
|  | For The Three Months Ended |
|  | March 31, 2022 |
Condensed Consolidated Statements of Operations (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Revenues |  | $ | 6,036 |  |  | $ | 326 |  |  | $ | 6,362 |
Cost of goods sold |  | $ | 5,161 |  |  | $ | 278 |  |  | $ | 5,439 |
Gross profit |  | $ | 875 |  |  | $ | 48 |  |  | $ | 923 |
Net loss |  | $ | (788 | ) |  | $ | 48 |  |  | $ | (740 | )
Loss per share - basic and diluted |  | $ | (0.08 | ) |  |  | — |  |  | $ | (0.08 | )
Weighted average common shares outstanding - basic and diluted |  |  | 9,641 |  |  |  | — |  |  |  | 9,641 |
|  | For The Three Months Ended |
|  | June 30, 2022 |
Condensed Consolidated Statements of Operations (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Revenues |  | $ | 4,289 |  |  | $ | 574 |  |  | $ | 4,863 |
Cost of goods sold |  | $ | 4,208 |  |  | $ | 592 |  |  | $ | 4,800 |
Gross profit |  | $ | 81 |  |  | $ | (19 | ) |  | $ | 62 |
Net loss |  | $ | (2,517 | ) |  | $ | (19 | ) |  | $ | (2,536 | )
Loss per share - basic and diluted |  | $ | (0.26 | ) |  |  | — |  |  | $ | (0.26 | )
Weighted average common shares outstanding - basic and diluted |  |  | 9,728 |  |  |  | — |  |  |  | 9,728 |
|  | For The Six Months Ended |
|  | June 30, 2022 |
Condensed Consolidated Statements of Operations (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Revenues |  | $ | 10,325 |  |  | $ | 900 |  |  | $ | 11,225 |
Cost of goods sold |  | $ | 9,369 |  |  | $ | 870 |  |  | $ | 10,239 |
Gross profit |  | $ | 956 |  |  | $ | 30 |  |  | $ | 986 |
Net loss |  | $ | (3,305 | ) |  | $ | 30 |  |  | $ | (3,275 | )
Loss per share - basic and diluted |  | $ | (0.34 | ) |  |  | — |  |  | $ | (0.34 | )
Weighted average common shares outstanding - basic and diluted |  |  | 9,685 |  |  |  | — |  |  |  | 9,685 |
|  | March 31, 2022 |
Condensed Consolidated Balance Sheet (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Total current assets |  | $ | 32,162 |  |  | $ | (278 | ) |  | $ | 31,884 |
Total assets |  |  | 34,983 |  |  |  | (278 | ) |  |  | 34,705 |
Total current liabilities |  |  | 14,719 |  |  |  | (326 | ) |  |  | 14,393 |
Total liabilities |  |  | 16,145 |  |  |  | (326 | ) |  |  | 15,819 |
Total stockholders’ equity |  |  | 18,838 |  |  |  | 48 |  |  |  | 18,886 |
|  | June 30, 2022 |
Condensed Consolidated Balance Sheet (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Total current assets |  | $ | 31,080 |  |  | $ | (870 | ) |  | $ | 30,210 |
Total assets |  |  | 34,116 |  |  |  | (870 | ) |  |  | 33,246 |
Total current liabilities |  |  | 15,696 |  |  |  | (900 | ) |  |  | 14,796 |
Total liabilities |  |  | 17,136 |  |  |  | (900 | ) |  |  | 16,236 |
Total stockholders’ equity |  |  | 16,980 |  |  |  | 30 |  |  |  | 17,010 |
|  | For The Three Months Ended |
|  | March 31, 2022 |
Cash Flows From Operating Activities (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Net loss |  | $ | (788 | ) |  | $ | 48 |  |  | $ | (740 | )
Changes in current operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  |  | (2,805 | ) |  |  | 278 |  |  |  | (2,527 | )
Deferred revenue |  |  | 4,895 |  |  |  | (326 | ) |  |  | 4,569 |
Net cash provided by operating activities |  |  | 2,087 |  |  |  | — |  |  |  | 2,087 |
|  | For The Six Months Ended |
|  | June 30, 2022 |
Cash Flows From Operating Activities (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Net loss |  | $ | (3,305 | ) |  | $ | 30 |  |  | $ | (3,275 | )
Changes in current operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  |  | (4,857 | ) |  |  | 870 |  |  |  | (3,987 | )
Deferred revenue |  |  | 6,866 |  |  |  | (900 | ) |  |  | 5,966 |
Net cash used in operating activities |  |  | (1,621 | ) |  |  | — |  |  |  | (1,621 | )
|  | For The Three Months Ended |
|  | March 31, 2022 |
Consolidated Statement of Stockholders’ Equity (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Accumulated deficit |  | $ | (13,100 | ) |  | $ | 48 |  |  | $ | (13,052 | )
Total stockholders’ equity |  |  | 18,838 |  |  |  | 48 |  |  |  | 18,886 |
|  | For The Six Months Ended |
|  | June 30, 2022 |
Consolidated Statement of Stockholders’ Equity (Unaudited) |  | As Reported |  |  | Adjustment |  |  | As Revised |
Accumulated deficit |  | $ | (15,617 | ) |  | $ | 30 |  |  | $ | (15,587 | )
Total stockholders’ equity |  |  | 16,980 |  |  |  | 30 |  |  |  | 17,010 |
In accordance with SEC Staff Accounting Bulletin No. 108, we evaluated this revision based on an analysis of quantitative and qualitative factors as to whether it was material to the consolidated statements of operations for the three months ended March 31, 2022 and June 30, 2022 and if amendments of previously filed financial statements with the SEC are required. We determined that the adjustment is neither quantitatively nor qualitatively material and, therefore, the revision does not have a material impact to the consolidated statements of operations for the three months ended March 31, 2022, the three and six months ended June 30, 2022 or other prior periods.

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