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RESTATEMENT OF PREVIOUSLY ISSUED UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Tables) | 12 Months Ended
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Dec. 31, 2023
Restatement Of Previously Issued Unaudited Interim Condensed Consolidated Financial Statements |
SCHEDULE OF INTERIM RESTATEMENT ADJUSTMENTS | 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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