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RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 12 Months Ended
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Dec. 31, 2023
Restatement Of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements |
RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | 4. RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS The following tables present the effects of the Restatement Adjustments described in Note 2 - Restatement of Previously Issued Consolidated Financial Statements on the Company’s unaudited interim condensed consolidated financial statements for the periods indicated. SCHEDULE OF INTERIM RESTATEMENT ADJUSTMENTS The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated balance sheets as of the dates indicated:
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | March 31, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Inventories, net |  | $ | 6,687 |  |  | $ | (1,788 | ) |  | $ | 4,899 |
Total current assets |  | $ | 31,884 |  |  | $ | (1,788 | ) |  | $ | 30,096 |
Total assets |  | $ | 34,705 |  |  | $ | (1,788 | ) |  | $ | 32,917 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 6,992 |  |  | $ | 23 |  |  | $ | 7,015 |
Total current liabilities |  | $ | 14,393 |  |  | $ | 23 |  |  | $ | 14,416 |
Total liabilities |  | $ | 15,819 |  |  | $ | 23 |  |  | $ | 15,842 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (13,052 | ) |  | $ | (1,811 | ) |  | $ | (14,863 | )
Total stockholders’ equity |  | $ | 18,886 |  |  | $ | (1,811 | ) |  | $ | 17,075 |
Total liabilities and stockholders’ equity |  | $ | 34,705 |  |  | $ | (1,788 | ) |  | $ | 32,917 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | June 30, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Inventories, net |  | $ | 8,147 |  |  | $ | (3,044 | ) |  | $ | 5,103 |
Total current assets |  | $ | 30,210 |  |  | $ | (3,044 | ) |  | $ | 27,166 |
Total assets |  | $ | 33,246 |  |  | $ | (3,044 | ) |  | $ | 30,202 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 8,389 |  |  | $ | 59 |  |  | $ | 8,448 |
Total current liabilities |  | $ | 14,796 |  |  | $ | 59 |  |  | $ | 14,855 |
Total liabilities |  | $ | 16,236 |  |  | $ | 59 |  |  | $ | 16,295 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (15,587 | ) |  | $ | (3,103 | ) |  | $ | (18,690 | )
Total stockholders’ equity |  | $ | 17,010 |  |  | $ | (3,103 | ) |  | $ | 13,907 |
Total liabilities and stockholders’ equity |  | $ | 33,246 |  |  | $ | (3,044 | ) |  | $ | 30,202 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | September 30, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Inventories, net |  | $ | 8,479 |  |  | $ | (1,849 | ) |  | $ | 6,630 |
Total current assets |  | $ | 26,451 |  |  | $ | (1,849 | ) |  | $ | 24,602 |
Total assets |  | $ | 29,445 |  |  | $ | (1,849 | ) |  | $ | 27,596 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 6,621 |  |  | $ | (59 | ) |  | $ | 6,562 |
Total current liabilities |  | $ | 12,299 |  |  | $ | (59 | ) |  | $ | 12,240 |
Total liabilities |  | $ | 13,603 |  |  | $ | (59 | ) |  | $ | 13,544 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (16,898 | ) |  | $ | (1,791 | ) |  | $ | (18,689 | )
Total stockholders’ equity |  | $ | 15,842 |  |  | $ | (1,791 | ) |  | $ | 14,051 |
Total liabilities and stockholders’ equity |  | $ | 29,445 |  |  | $ | (1,849 | ) |  | $ | 27,596 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | March 31, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 7,863 |  |  | $ | (162 | ) |  | $ | 7,701 |
Inventories, net |  | $ | 9,589 |  |  | $ | (1,087 | ) |  | $ | 8,502 |
Total current assets |  | $ | 31,908 |  |  | $ | (1,249 | ) |  | $ | 30,659 |
Total assets |  | $ | 35,857 |  |  | $ | (1,249 | ) |  | $ | 34,608 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 10,095 |  |  | $ | (88 | ) |  | $ | 10,007 |
Total current liabilities |  | $ | 17,614 |  |  | $ | (88 | ) |  | $ | 17,526 |
Total liabilities |  | $ | 18,673 |  |  | $ | (88 | ) |  | $ | 18,585 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (15,828 | ) |  | $ | (1,161 | ) |  | $ | (16,989 | )
Total stockholders’ equity |  | $ | 17,184 |  |  | $ | (1,161 | ) |  | $ | 16,023 |
Total liabilities and stockholders’ equity |  | $ | 35,857 |  |  | $ | (1,249 | ) |  | $ | 34,608 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | June 30, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 5,835 |  |  | $ | 380 |  |  | $ | 6,215 |
Inventories, net |  | $ | 8,457 |  |  | $ | (72 | ) |  | $ | 8,385 |
Total current assets |  | $ | 26,541 |  |  | $ | 308 |  |  | $ | 26,849 |
Total assets |  | $ | 30,695 |  |  | $ | 308 |  |  | $ | 31,003 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 4,462 |  |  | $ | 302 |  |  | $ | 4,764 |
Total current liabilities |  | $ | 12,178 |  |  | $ | 302 |  |  | $ | 12,480 |
Total liabilities |  | $ | 13,011 |  |  | $ | 302 |  |  | $ | 13,313 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (16,147 | ) |  | $ | 6 |  |  | $ | (16,141 | )
Total stockholders’ equity |  | $ | 17,684 |  |  | $ | 6 |  |  | $ | 17,690 |
Total liabilities and stockholders’ equity |  | $ | 30,695 |  |  | $ | 308 |  |  | $ | 31,003 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | September 30, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
ASSETS |  |  |  |  |  |  |  |  |  |  |  |
Current assets |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable, net |  | $ | 8,936 |  |  | $ | (966 | ) |  | $ | 7,970 |
Inventories, net |  | $ | 8,280 |  |  | $ | 905 |  |  | $ | 9,185 |
Total current assets |  | $ | 30,315 |  |  | $ | (61 | ) |  | $ | 30,254 |
Total assets |  | $ | 35,761 |  |  | $ | (61 | ) |  | $ | 35,700 |
LIABILITIES AND STOCKHOLDERS’ EQUITY |  |  |  |  |  |  |  |  |  |  |  |
Current liabilities |  |  |  |  |  |  |  |  |  |  |  |
Deferred revenue |  | $ | 5,980 |  |  | $ | (54 | ) |  | $ | 5,926 |
Total current liabilities |  | $ | 16,613 |  |  | $ | (54 | ) |  | $ | 16,559 |
Total liabilities |  | $ | 17,262 |  |  | $ | (54 | ) |  | $ | 17,208 |
Stockholders’ equity |  |  |  |  |  |  |  |  |  |  |  |
Accumulated deficit |  | $ | (15,123 | ) |  | $ | (7 | ) |  | $ | (15,130 | )
Total stockholders’ equity |  | $ | 18,499 |  |  | $ | (7 | ) |  | $ | 18,492 |
Total liabilities and stockholders’ equity |  | $ | 35,761 |  |  | $ | (61 | ) |  | $ | 35,700 |
The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of operations for the periods indicated:
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | For the Three Months Ended |
|  | March 31, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenues |  | $ | 6,362 |  |  | $ | (23 | ) |  | $ | 6,339 |
Cost of goods sold |  | $ | 5,439 |  |  | $ | 1,788 |  |  | $ | 7,227 |
Gross profit (loss) |  | $ | 923 |  |  | $ | (1,811 | ) |  | $ | (888 | )
Loss from operations |  | $ | (823 | ) |  | $ | (1,811 | ) |  | $ | (2,634 | )
Loss before taxes |  | $ | (733 | ) |  | $ | (1,811 | ) |  | $ | (2,544 | )
Net loss |  | $ | (740 | ) |  | $ | (1,811 | ) |  | $ | (2,551 | )
Loss per share - basic and diluted |  | $ | (0.08 | ) |  | $ | (0.19 | ) |  | $ | (0.26 | )
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, 2022 |  |  | June 30, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |  |  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenues |  | $ | 4,863 |  |  | $ | (37 | ) |  | $ | 4,826 |  |  | $ | 11,225 |  |  | $ | (59 | ) |  | $ | 11,166 |
Cost of goods sold |  | $ | 4,800 |  |  | $ | 1,256 |  |  | $ | 6,056 |  |  | $ | 10,239 |  |  | $ | 3,044 |  |  | $ | 13,283 |
Gross profit (loss) |  | $ | 63 |  |  | $ | (1,292 | ) |  | $ | (1,229 | ) |  | $ | 986 |  |  | $ | (3,103 | ) |  | $ | (2,117 | )
Loss from operations |  | $ | (2,522 | ) |  | $ | (1,292 | ) |  | $ | (3,814 | ) |  | $ | (3,345 | ) |  | $ | (3,103 | ) |  | $ | (6,448 | )
Loss before taxes |  | $ | (2,535 | ) |  | $ | (1,292 | ) |  | $ | (3,827 | ) |  | $ | (3,268 | ) |  | $ | (3,103 | ) |  | $ | (6,371 | )
Net (loss) income |  | $ | (2,535 | ) |  | $ | (1,292 | ) |  | $ | (3,827 | ) |  | $ | (3,275 | ) |  | $ | (3,103 | ) |  | $ | (6,378 | )
Earnings (loss) per share - basic and diluted |  | $ | (0.26 | ) |  | $ | (0.13 | ) |  | $ | (0.39 | ) |  | $ | (0.34 | ) |  | $ | (0.32 | ) |  | $ | (0.65 | )
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, 2022 |  |  | September 30, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |  |  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenues |  | $ | 6,251 |  |  | $ | 118 |  |  | $ | 6,369 |  |  | $ | 17,476 |  |  | $ | 59 |  |  | $ | 17,535 |
Cost of goods sold |  | $ | 5,390 |  |  | $ | (1,195 | ) |  | $ | 4,195 |  |  | $ | 15,629 |  |  | $ | 1,849 |  |  | $ | 17,478 |
Gross profit |  | $ | 861 |  |  | $ | 1,313 |  |  | $ | 2,174 |  |  | $ | 1,847 |  |  | $ | (1,791 | ) |  | $ | 56 |
Total operating expenses |  | $ | 2,305 |  |  | $ | - |  |  | $ | 2,305 |  |  | $ | 6,636 |  |  | $ | - |  |  | $ | 6,636 |
(Loss) income from operations |  | $ | (1,444 | ) |  | $ | 1,313 |  |  | $ | (131 | ) |  | $ | (4,789 | ) |  | $ | (1,791 | ) |  | $ | (6,580 | )
(Loss) income before taxes |  | $ | (1,311 | ) |  | $ | 1,313 |  |  | $ | 2 |  |  | $ | (4,579 | ) |  | $ | (1,791 | ) |  | $ | (6,370 | )
Net (loss) income |  | $ | (1,311 | ) |  | $ | 1,313 |  |  | $ | 2 |  |  | $ | (4,586 | ) |  | $ | (1,791 | ) |  | $ | (6,377 | )
Earnings (loss) per share - basic: |  | $ | (0.13 | ) |  | $ | 0.13 |  |  | $ | 0.00 |  |  | $ | (0.47 | ) |  | $ | (0.18 | ) |  | $ | (0.66 | )
Weighted average common shares outstanding - diluted |  |  | 9,770 |  |  |  | 671 |  |  |  | 10,441 |  |  |  | 9,713 |  |  |  | 671 |  |  |  | 10,384 |
Earnings (loss) per share - diluted |  | $ | (0.13 | ) |  | $ | 0.13 |  |  | $ | 0.00 |  |  | $ | (0.47 | ) |  | $ | (0.14 | ) |  | $ | (0.61 | )
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | For the Three Months Ended |
|  | March 31, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenues |  | $ | 8,507 |  |  | $ | 1,048 |  |  | $ | 9,555 |
Cost of goods sold |  | $ | 6,294 |  |  | $ | 429 |  |  | $ | 6,723 |
Gross profit |  | $ | 2,213 |  |  | $ | 620 |  |  | $ | 2,833 |
Income from operations |  | $ | 55 |  |  | $ | 620 |  |  | $ | 675 |
Income before taxes |  | $ | 122 |  |  | $ | 620 |  |  | $ | 742 |
Net income |  | $ | 122 |  |  | $ | 620 |  |  | $ | 742 |
Earnings per share - basic and diluted |  | $ | 0.01 |  |  | $ | 0.06 |  |  | $ | 0.07 |
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | For the Three Months Ended |  |  | For the Six Months Ended |
|  | June 30, 2023 |  |  | June 30, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |  |  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenues |  | $ | 12,130 |  |  | $ | 152 |  |  | $ | 12,282 |  |  | $ | 20,638 |  |  | $ | 1,200 |  |  | $ | 21,838 |
Cost of goods sold |  | $ | 9,419 |  |  | $ | (1,015 | ) |  | $ | 8,404 |  |  | $ | 15,714 |  |  | $ | (587 | ) |  | $ | 15,127 |
Gross profit |  | $ | 2,711 |  |  | $ | 1,167 |  |  | $ | 3,878 |  |  | $ | 4,924 |  |  | $ | 1,787 |  |  | $ | 6,711 |
(Loss) income from operations |  | $ | (378 | ) |  | $ | 1,167 |  |  | $ | 789 |  |  | $ | (322 | ) |  | $ | 1,787 |  |  | $ | 1,465 |
(Loss) income before taxes |  | $ | (319 | ) |  | $ | 1,167 |  |  | $ | 848 |  |  | $ | (197 | ) |  | $ | 1,787 |  |  | $ | 1,590 |
Net (loss) income |  | $ | (319 | ) |  | $ | 1,167 |  |  | $ | 848 |  |  | $ | (197 | ) |  | $ | 1,787 |  |  | $ | 1,590 |
Earnings (loss) per share - basic: |  | $ | (0.03 | ) |  | $ | 0.12 |  |  | $ | 0.09 |  |  | $ | (0.02 | ) |  | $ | 0.18 |  |  | $ | 0.16 |
Weighted average common shares outstanding - diluted |  |  | 9,908 |  |  |  | 838 |  |  |  | 10,747 |  |  |  | 9,839 |  |  |  | 838 |  |  |  | 10,677 |
Earnings (loss) per share - diluted |  | $ | (0.03 | ) |  | $ | 0.11 |  |  | $ | 0.08 |  |  | $ | (0.02 | ) |  | $ | 0.17 |  |  | $ | 0.15 |
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | For the Three Months Ended |  |  | For the Nine Months Ended |
|  | September 30, 2023 |  |  | September 30, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |  |  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |  |  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Revenues |  | $ | 12,443 |  |  | $ | (990 | ) |  | $ | 11,453 |  |  | $ | 33,080 |  |  | $ | 211 |  |  | $ | 33,291 |
Cost of goods sold |  | $ | 8,732 |  |  | $ | (976 | ) |  | $ | 7,756 |  |  | $ | 24,445 |  |  | $ | (1,563 | ) |  | $ | 22,882 |
Gross profit (loss) |  | $ | 3,711 |  |  | $ | (13 | ) |  | $ | 3,698 |  |  | $ | 8,635 |  |  | $ | 1,774 |  |  | $ | 10,409 |
Income (loss) from operations |  | $ | 953 |  |  | $ | (13 | ) |  | $ | 940 |  |  | $ | 631 |  |  | $ | 1,774 |  |  | $ | 2,405 |
Income (loss) before taxes |  | $ | 1,024 |  |  | $ | (13 | ) |  | $ | 1,011 |  |  | $ | 827 |  |  | $ | 1,774 |  |  | $ | 2,601 |
Net income (loss) |  | $ | 1,024 |  |  | $ | (13 | ) |  | $ | 1,011 |  |  | $ | 827 |  |  | $ | 1,774 |  |  | $ | 2,601 |
Earnings (loss) per share - basic and diluted |  | $ | 0.10 |  |  | $ | - |  |  | $ | 0.10 |  |  | $ | 0.08 |  |  | $ | 0.18 |  |  | $ | 0.26 |
The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of changes in stockholders’ equity for the periods indicated:
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  |  | (unaudited) |  |  |  | (unaudited) |  |  |  | (unaudited) |
Balance - January 1, 2022 |  | $ | 19,552 |  |  | $ | - |  |  | $ | 19,552 |
Net loss |  | $ | (740 | ) |  | $ | (1,811 | ) |  | $ | (2,551 | )
Balance - March 31, 2022 |  | $ | 18,886 |  |  | $ | (1,811 | ) |  | $ | 17,075 |
Balance - January 1, 2022 |  | $ | 19,552 |  |  | $ | - |  |  | $ | 19,552 |
Net loss |  | $ | (3,275 | ) |  | $ | (3,103 | ) |  | $ | (6,378 | )
Balance - June 30, 2022 |  | $ | 17,010 |  |  | $ | (3,103 | ) |  | $ | 13,907 |
Balance - January 1, 2022 |  | $ | 19,552 |  |  | $ | - |  |  | $ | 19,552 |
Net loss |  | $ | (4,586 | ) |  | $ | (1,791 | ) |  | $ | (6,377 | )
Balance - September 30, 2022 |  | $ | 15,842 |  |  | $ | (1,791 | ) |  | $ | 14,051 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  |  | (unaudited) |  |  |  | (unaudited) |  |  |  | (unaudited) |
Balance - January 1, 2023 |  | $ | 16,933 |  |  | $ | (1,781 | ) |  | $ | 15,152 |
Net income |  | $ | 122 |  |  | $ | 620 |  |  | $ | 742 |
Balance - March 31, 2023 |  | $ | 17,184 |  |  | $ | (1,161 | ) |  | $ | 16,023 |
Balance - January 1, 2023 |  | $ | 16,933 |  |  | $ | (1,781 | ) |  | $ | 15,152 |
Net (loss) income |  | $ | (197 | ) |  | $ | 1,787 |  |  | $ | 1,590 |
Balance - June 30, 2023 |  | $ | 17,684 |  |  | $ | 6 |  |  | $ | 17,690 |
Balance - January 1, 2023 |  | $ | 16,933 |  |  | $ | (1,781 | ) |  | $ | 15,152 |
Net income |  | $ | 827 |  |  | $ | 1,774 |  |  | $ | 2,601 |
Balance - September 30, 2023 |  | $ | 18,499 |  |  | $ | (7 | ) |  | $ | 18,492 |
The following tables present the effects of the Restatement Adjustments on the Company’s unaudited interim condensed consolidated statements of cash flows for the periods indicated:
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | March 31, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (740 | ) |  | $ | (1,811 | ) |  | $ | (2,551 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | (2,527 | ) |  | $ | 1,788 |  |  | $ | (739 | )
Deferred revenue |  | $ | 4,569 |  |  | $ | 23 |  |  | $ | 4,592 |
Net cash provided by operating activities |  | $ | 2,087 |  |  | $ | - |  |  | $ | 2,087 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | June 30, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (3,275 | ) |  | $ | (3,103 | ) |  | $ | (6,378 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | (3,987 | ) |  | $ | 3,044 |  |  | $ | (943 | )
Deferred revenue |  | $ | 5,966 |  |  | $ | 59 |  |  | $ | 6,025 |
Net cash used in operating activities |  | $ | (1,621 | ) |  | $ | - |  |  | $ | (1,621 | )
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | September 30, 2022 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net loss |  | $ | (4,586 | ) |  | $ | (1,791 | ) |  | $ | (6,377 | )
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Inventories |  | $ | (4,319 | ) |  | $ | 1,849 |  |  | $ | (2,470 | )
Deferred revenue |  | $ | 4,198 |  |  | $ | (59 | ) |  | $ | 4,139 |
Net cash used in operating activities |  | $ | (3,936 | ) |  | $ | - |  |  | $ | (3,936 | )
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | March 31, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 122 |  |  | $ | 620 |  |  | $ | 742 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 3,275 |  |  | $ | (967 | ) |  | $ | 2,308 |
Inventories |  | $ | (841 | ) |  | $ | 429 |  |  | $ | (412 | )
Deferred revenue |  | $ | (570 | ) |  | $ | (82 | ) |  | $ | (652 | )
Net cash provided by operating activities |  | $ | 1,525 |  |  | $ | - |  |  | $ | 1,525 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | June 30, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net (loss) income |  | $ | (197 | ) |  | $ | 1,787 |  |  | $ | 1,590 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 5,283 |  |  | $ | (1,509 | ) |  | $ | 3,774 |
Inventories |  | $ | 291 |  |  | $ | (586 | ) |  | $ | (295 | )
Deferred revenue |  | $ | (6,204 | ) |  | $ | 308 |  |  | $ | (5,896 | )
Net cash provided by operating activities |  | $ | 366 |  |  | $ | - |  |  | $ | 366 |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | September 30, 2023 |
|  | As Previously |  |  | Restatement |  |  | As |
|  | Stated |  |  | Adjustments |  |  | Restated |
|  | (unaudited) |  |  | (unaudited) |  |  | (unaudited) |
Cash flows from operating activities: |  |  |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 827 |  |  | $ | 1,774 |  |  | $ | 2,601 |
Changes in operating assets and liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Accounts receivable |  | $ | 1,805 |  |  | $ | (163 | ) |  | $ | 1,642 |
Inventories |  | $ | 468 |  |  | $ | (1,563 | ) |  | $ | (1,095 | )
Deferred revenue |  | $ | (4,685 | ) |  | $ | (48 | ) |  | $ | (4,733 | )
Net cash used in operating activities |  | $ | (228 | ) |  | $ | - |  |  | $ | (228 | )

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